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GENEVA STEEL ANNOUNCES PLAN TO REDUCE LABOR COSTS

 GENEVA STEEL ANNOUNCES PLAN TO REDUCE LABOR COSTS
 VINEYARD, Utah, June 4 /PRNewswire/ -- In light of the continuing


recession, and the fact that steel pricing has remained depressed, Geneva Steel (NYSE: GNV) announced today that it will restrict overtime, redistribute work assignments and implement other measures, including some layoffs, in an effort to reduce its overall labor costs. Layoffs will total approximately 125, or about 5 percent of the current workforce.
 "Making the decision to reduce employment is difficult, but the realities of the current steel market make it necessary," said Robert J. Grow, president and chief operating officer. "Steel prices are about 30 percent lower today than they were two years ago.
 "Reducing labor costs is one of several steps we continue to take to reduce costs and enhance productivity," Grow said.
 Geneva Steel is the only integrated steel mill operating west of the Mississippi River. The company manufactures hot-rolled steel sheet, plate and pipe for sale primarily in the western and central United States.
 -0- 6/4/92
 /CONTACT: Mitch Haws of Geneva Steel, 801-227-9174/
 (GNV) CO: Geneva Steel ST: Utah IN: MNG SU:


GK-OS -- NY049 -- 7019 06/04/92 11:53 EDT
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Publication:PR Newswire
Date:Jun 4, 1992
Words:195
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