The combination of the government’s war on coal and slumping prices has resulted in Pittsburgh-based Kennametal Inc. announcing it is laying off 1,000 workers over the next 15 months. The company cites weak demand for the coal-mining and gas-drilling cutting tools that it makes. Kennametal has a workforce of 12,000, down about 2,000 from what it had two years ago.
The company announced the cuts as it reported a $66.5 million loss for its fourth quarter ending June 30.