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ARMCO STEEL COMPANY OFFERS VOLUNTARY SEVERANCE PROGRAM

 ARMCO STEEL COMPANY OFFERS VOLUNTARY SEVERANCE PROGRAM
 MIDDLETOWN, Ohio, Sept. 22 /PRNewswire/ -- As part of continuing


plans to reduce costs and return to profitability, Armco Steel Company (ASC) said today it will permanently reduce its salaried workforce. In conjunction with the announcement, ASC is offering a voluntary severance program to non-represented salaried employees in its Middletown and Ashland, Ky. plants and offices.
 "Quickly aligning all of our costs to a competitive level world-wide is an essential element of our turnaround," said Thomas C. Graham, president and chief executive officer. "That is a commitment to our customers, our stakeholders, our plant communities and to our employees that we must continually meet. ASC will be a leaner company in the future, but more importantly, we will be a stronger company better able to serve our customers."
 Details of the voluntary severance program were announced in a letter distributed to eligible employees. Employees who request and receive voluntary separation will receive one week's pay for every year of continuous company service, with a maximum severance payment of 26 weeks. The minimum severance under the program will be two week's pay.
 The severance program will also apply to employees who have reached, or are within two years of reaching eligibility for certain normal retirement pensions. The company will also offer out placement services to any employee accepting the severance, including any who are eligible to retire under the program.
 "We have many very talented, dedicated employees and we regret the need to further reduce the size of our organization," said Mark G. Essig, vice president, employee relations and assistant to the president. "It is an unpleasant but necessary obligation we have in order to return to profitability, which is the surest form of job security we can provide. It is our hope that the voluntary program offers the opportunity to resize our salaried workforce with the minimum impact possible."
 Armco Steel Company is a 50/50 joint venture between Armco Inc. (NYSE: AS), Parsippany, N.J., and Kawasaki Steel Corporation, Tokyo. The company operates plants in Middletown and Ashland and currently employs about 8,200 men and women, which includes approximately 1,700 non-represented salaried employees. The company produces carbon flat- rolled steels for automotive, appliance, construction and manufacturing markets.
 -0- 9/22/92
 /CONTACT: Alan H. McCoy of Armco Steel Company, 513-425-2826 or 513-489-3447/
 (AS) CO: Armco Steel Company ST: Ohio, Kentucky IN: MNG SU:


BM -- CL006 -- 2342 09/22/92 16:02 EDT
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Publication:PR Newswire
Date:Sep 22, 1992
Words:411
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