Slow economy forces layoffs at Thomas Steel

WARREN -- A slowing economy has forced Thomas Steel Strip to lay off about 65 workers.
The layoffs are the largest at the steel processor in at least 10 years, said William Pounds, vice president of human resources.
Demand has slowed for the company's steel and some of its customers have too much inventory, he said.
"We're not sure when we will pull back out of it, but we're very optimistic that it's not going to be a long-term situation," he said.
The layoffs started in January. The company has about 360 hourly and 160 salaried workers.
Thomas produces paper-thin coils of steel that are used in ammunitions, automotive parts, electronic components and other precision parts.
Thomas, which had revenue of about $150 million last year, is owned by Corus Corp. of London. Britain's largest steelmaker has about 64,000 employees in 17 counties and $10 billion in annual sales.
It announced last month that it was closing two Wales plants and eliminating about 6,000 jobs by 2003.
Its European steelmaking operations are being hurt by cheaper steel from Eastern Europe, the company said.