US Steel says 500 employees opt to retire early

February 6, 2009 1:13:39 PM PST
United States Steel Corp. says about 500 employees - including some executives - have agreed to voluntarily retire early starting in February. The steel maker says it will pay a pretax charge of about $70 million in the first quarter.

Executives who have opted for the early retirement program are slated to leave around April 1. Individual names will be announced later.

US Steel says it expects to save roughly $50 million each year after all restructuring efforts are complete.

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