Armco Inc., the diversified steelmaking company that has been struggling since 1982, said that it will have eliminated 250 jobs at its Middletown headquarters by the beginning of April.
The company said the action will affect 25% of the jobs at its headquarters. John Bilich, Armco's vice president for corporate human resources, declined to say which departments would be affected by the reductions until the employees have been notified.
"Our urgent need to restore Armco's financial health, indeed the very survival of the company, requires doing away with many staff functions and to drastically curtail others," Bilich said in a statement.
Armco reported on Feb. 6 that it lost $295 million in 1984, including a $64.5-million loss in the final quarter. The company said it lost $672.5 million in 1983 and $345.1 million in 1982.