Business news digest

REGION

Wheatland Tube plans many short-term layoffs

WHEATLAND, Pa. — Wheatland Tube Co. is laying off more than 200 area workers but hopes most of them will be recalled after a week.

The tubular steel company, owned by John Maneely Co., laid off 17 workers at its Sharon plant and 16 more will be laid off at the company’s Warren operation Monday. But the bulk of the layoffs will come Monday when 170 workers at its plant in Wheatland are idled.

The company says it hopes about 140 of those workers will return in a week, but the others will remain laid off indefinitely until business improves.

The company attributes the moves to the sluggish economy.

Compco Industries Inc. selects new chief exec

COLUMBIANA — Compco Industries Inc. has named Rick Fryda as the company’s new president and chief executive.

“Rick is in this position because he’s demonstrated a great ability to lead and to take our company to the next level,” said Greg Smith, outgoing president and CEO. Smith will now assume the role of chairman of the board. Compco founder Clarence Smith Jr. will hold the title of chairman emeritus.

Fryda has been with the company for nearly 30 years and most recently was chief operating officer.

Compco, which employs about 70, produces custom-shaped metal products and recently has invested more than $6 million into expanding its 238,000-square-foot plant in Columbiana. It previously had a plant in Youngstown.

First Niles Financial announces lower earnings

NILES — First Niles Financial earned $100,000 in the third quarter, compared with $192,000 in the same quarter last year.

The company attributed the lower earnings to a $130,000 provision for loan losses that was recorded last quarter. The action was related to deteriorating real estate conditions.

First Niles is the parent company of Home Federal Savings and Loan Association of Niles.

STATE

Ohio unemployment rate dropped in September

COLUMBUS — The state says Ohio’s unemployment rate was 7.2 percent in September, down from 7.4 percent in August.

The figures released Friday show that the number of unemployed workers in September was 434,000, down from 445,000 in August. The number of unemployed people has increased by 93,000 in the past 12 months.

The rate this September was up from the 5.7 percent rate a year earlier.

The state’s 7.2 percent unemployment figure tops the national rate of 6.1 percent, unchanged from August.

NATION

Hyundai announces recall related to air bag issues

WASHINGTON — Hyundai Motor Co. is recalling about 150,000 Hyundai Elantra sedans because of potential electrical problems that could prevent air bags from deploying.

Hyundai said Friday the recall involves Elantras from the 2001 model year. If a liquid is spilled near the cupholder, it could drip into the air bag control module electrical connector, contaminate the module, preventing air bags from deploying in a crash.

The Korean automaker also is recalling about 75,000 Elantras from the 2001 and 2002 model years because of issues with an air bag wiring harness that could prevent the side air bags from deploying.

From Vindicator staff and wire reports