Kennametal said Chairman, President and CEO Carlos Cardoso and other executive officers will take a 15 percent salary cut, effective July 1, and that it will last until business conditions improve.

The Latrobe toolmaker's board of directors will also take a 15 percent cut in their compensation, Kennametal said in a securities filing.

In April, Kennametal reported a third-quarter net loss of $137.9 million, resulting in part from the company taking significant noncash charges for the declining value of certain assets in a weakening market. Last year in the comparable period, Kennametal reported a net profit of $23.2 million. Sales in the third quarter of $441 million compared to $689.7 million the same period last year.