Armco Steel to Lay Off 500 at Kentucky Plant
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ASHLAND, Ky. — Armco Steel Co. said it will lay off 500 employees at its Ashland plant, beginning in March, for eight to 12 weeks.
Company officials blamed the move on the recession and depressed markets for its products. About 2,700 employees will remain on the job.
Mike Hewlett, president of United Steel Workers Local 1865, said the union membership was “disheartened” by the layoffs, although the announcement was not a surprise.
Laid-off workers will collect about 65% of their take-home pay through state and company unemployment benefits, an Armco official said.
“We’ve heard rumors off and on for a long time,” Hewlett said. “The company has stated that certain things might happen if the economy does not pick up.”
Armco, based in Parsippany, N.J., produces carbon flat-rolled steel for the automotive, appliance, construction and manufacturing markets.
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