PITTSBURGH _ Kennametal, a Pittsburgh-based industrial tool maker that Monday reported a loss for the second consecutive year, is cutting 1,000 jobs, or about 8 percent of its global workforce as part of a broad restructuring program.
The jobs cuts include layoffs and voluntary buyouts.
Kennametal, which has been hit hard by declines in oil and gas markets, said sales for the fiscal year that ended June 30 fell 19 percent to $2.1 billion, from $2.6 billion in 2015.
The company narrowed its net loss to $224 million, or $2.83 per share from $371 million, or $4.71 per share the prior year.
Ron De Feo, president and chief executive, said the "operating environment remained challenging" and that the company is "aggressively executing" its cost-reduction programs.
At midday Tuesday, shares in Kennametal were trading at $25.54, up 58 cents.
