Oregon – Schnitzer Steel to cut 300 jobs

Schnitzer Steel Industries Inc. said Tuesday it will cut about 300 jobs as part of a restructuring plan designed to save the company $25 million in annual operating costs. The company also issued earnings guidance for the current quarter well below average Wall Street predictions, blaming lower sale prices for many of its products.

Schnitzer said the restructuring will help improve efficiency and support future growth, while lowering costs and ultimately boosting profits. The moves are expected to be mostly complete by the end of November…

via Schnitzer Steel to cut 300 jobs in restructuring – Businessweek.