CANTON, Ohio (AP) — Cost cutting efforts at an Ohio steel manufacturer eliminated 14 percent of the workforce over the last year, the company said.

TimkenSteel recently eliminated 55 salary positions and ended a scholarship program for children of employees, The Canton Repository reported.

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Early this year, the company set a goal for improved profitability of approximately $50 million per year, with $35 million realized this year. Job cuts, including some top management positions, started in the spring and have continued through the year.

CEO Terry Dunlap told employees in an email on Nov. 8 that the changes “not only will save money, but more importantly will help drive greater alignment, accountability and results.”

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United Steelworkers Local 1123 has estimated that 250 members employed by TimkenSteel are on layoff.

The company, which has about 2,500 employees, is based in Canton in northeastern Ohio.

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