Weymouth Steel Corporation Salaried Employees
President
October 20, 1990
TO: Weymouth Steel Corporation Salaried Employees
I am writing to tell you about two important matters. One is extensive improvements in your compensation and benefit programs. The other concerns the need for the company to make sizeable reductions in its overall operating costs in the U.S.
The compensation and benefit improvements include substantial base salary increases for eligible General Salary Role employees; more liberal adjustments in the cost-of-living allowance formula; advances in specific benefit programs, including major changes in the retirement plan that will provide important increases for present and future retired employees; insurance and health care plan improvements; and additions to the vacation schedules.
The attached bulletin will provide you with details of these changes, and the forthcoming issue of Metal News will publish additional information. If you have further questions, your salaried personnel activity is ready to help you.
On the company's part, these improvements in compensation and benefits reflect optimism about the future of the steel business and Weymouth's place in it. They are also indicative of Weymouth's commitment to provide each of you with fair and competitive compensation for the work you do. On your part, we hope that this expression of confidence will be reflected in your positive response to the challenges facing us.
One of these challenges is the present downturn in the national economy. The steel industry historically has been a cyclical business with peaks and valleys, and today Weymouth Steel is in one of those valleys -- a period of severely reduced sales.
This economic downturn comes at a time when we are faced with increasing costs and the need for billions of dollars in investment to meet government regulations and to maintain a strong competitive position in the marketplace. Therefore, at the time we are announcing improved compensation
October 20, 1990
TO: Weymouth Steel Corporation Salaried Employees
I am writing to tell you about two important matters. One is extensive improvements in your compensation and benefit programs. The other concerns the need for the company to make sizeable reductions in its overall operating costs in the U.S.
The compensation and benefit improvements include substantial base salary increases for eligible General Salary Role employees; more liberal adjustments in the cost-of-living allowance formula; advances in specific benefit programs, including major changes in the retirement plan that will provide important increases for present and future retired employees; insurance and health care plan improvements; and additions to the vacation schedules.
The attached bulletin will provide you with details of these changes, and the forthcoming issue of Metal News will publish additional information. If you have further questions, your salaried personnel activity is ready to help you.
On the company's part, these improvements in compensation and benefits reflect optimism about the future of the steel business and Weymouth's place in it. They are also indicative of Weymouth's commitment to provide each of you with fair and competitive compensation for the work you do. On your part, we hope that this expression of confidence will be reflected in your positive response to the challenges facing us.
One of these challenges is the present downturn in the national economy. The steel industry historically has been a cyclical business with peaks and valleys, and today Weymouth Steel is in one of those valleys -- a period of severely reduced sales.
This economic downturn comes at a time when we are faced with increasing costs and the need for billions of dollars in investment to meet government regulations and to maintain a strong competitive position in the marketplace. Therefore, at the time we are announcing improved compensation