Commercial Metals (CMC) said on Oct. 7 that it plans to close several facilities, which will result in 1,500 job cuts.
One steel pipe manufacturing plant in Croatia will lose 1,130 jobs as it either sells or closes the plant, because it is taking too long for it to turn a profit.
The rest of the layoffs will occur across its business as it shuts down other facilities.As a result, Commercial Metals expects pre-tax charges of $135 million to $165 million in 2011 and an additional $25 million to $40 million next year.
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