Steel producer AK Steel Holding Corp. said Wednesday it will cut pay for salaried employees by 5 percent starting next year and implement other cost-cutting measures, including offering retirement incentives, to save on costs. The company said the moves, presented to employees in a letter on Monday, are in response to the slumping economy, which has lessened demand for its products. The 5 percent pay reduction will start Jan. 1 and last indefinitely. It will affect AK Steel's chief executive officer and all executives.

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