Arconic restores salaries and 401K match for all U.S. salaried employees, including execs

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Arconic Corp. said Thursday it restored the salaries and 401K match for all of its U.S. salaried employees, including executives on Sept. 1, after cutting them earlier this year to counter the impact of the coronavirus pandemic. The maker of aluminum parts for aeroplanes and cars said the move will not effect its plan to cut costs by $100 million and cut capex by $50 million. “These salary and benefit reductions represented approximately one third of the Company’s temporary cash savings on an annualized run rate,” the company said in a regulatory filing. Shares were up 0.8% premarket.
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