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The Wall Street Journal: Kennametal to cut 1,000 jobs, cut global costs

Industrial toolmaker Kennametal Inc., hard-hit by a deep slump in the coal and oil industries, plans to cut 1,000 jobs and increase cost-cutting “substantially” in North America, Europe, Middle East and Africa following its second-straight year of losses.

Founded in 1938 in Latrobe, Pa., as McKenna Metals Co., Kennametal KMT, +0.40% makes cutting and drilling tools used in oil and gas exploration, coal mining, road construction and other industries. To offset the slump in the coil and oil industries, Kennametal has been slashing costs and shedding operations.

As of June 30, 2015, the most recent figures available, Kennametal had about 12,700 workers, down about 6% from the year earlier, according to regulatory filings.

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