Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

BUSINESS BRIEFS [Derived Headline]

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

BUSINESS BRIEFS [Derived Headline]

Article excerpt

Chemical producer downsizing

Lanxess, the German-based rubber and chemicals producer with North American headquarters in Findlay, will cut 1,000 jobs and employee bonuses because of a downturn in demand, its global chairman said Wednesday. The cutbacks should save Lanxess about $134 million annually beginning in 2015, the company said. Jobs will be reduced mainly through a voluntary separation program, but Axel Heitmann, chairman, said forced layoffs could not be ruled out. Lanxess has about 17,500 employees worldwide. Officials at the North American headquarters were not available to comment. Lanxess has 1,500 employees at 14 sites in North America including about 350 in the Pittsburgh region.

Unfairly traded steel frustrates

Allegheny Technologies and AK Steel are crying foul over imports of steel used in electrical transformers, alleging the unfairly traded steel is harming them because it is priced below cost. The two companies, along with the United Steelworkers union, filed complaints with the U.S. International Trade Commission and the U.S. Department of Commerce against seven countries. They want the agencies to impose import duties to offset the unfair pricing. They are also seeking additional duties against one of the countries, China, to offset benefits they say that country's producers receive from government subsidies.

FedEx Ground beats forecast

Revenue growth at Moon-based FedEx Ground topped all divisions of its parent company FedEx Corp. in the first quarter. Net income at FedEx Corp. in the first quarter rose 7 percent to $489 million, or $1.53 per share, from $459 million, or $1.45 per share, a year ago. That beat the $1.50 per share analysts expected, according to a survey by Thomson Reuters. Companywide revenue increased 2 percent to $11 billion from $10.79 billion last year, while FedEx Ground posted an 11 percent revenue increase year-over-year, to $2.73 billion.

$5.8M for Kennametal chief

Carlos Cardoso -- Kennametal chairman, president and CEO -- received compensation valued at $5. …

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