U.S. Steel Announces More Closures and Expects 2,700 Layoffs

Commodities & Futures
© Bloomberg. Steel coils sit outside at the U.S. Steel Corp. Granite City Works facility in Granite City, Illinois, U.S., on Thursday, July 26, 2018. U.S. President Donald Trump celebrated U.S. Steel Corp's decision to re-employ hundreds of laid-off workers and lamented decades of past leaders' trade policies. Photographer: Daniel Acker/Bloomberg © Bloomberg. Steel coils sit outside at the U.S. Steel Corp. Granite City Works facility in Granite City, Illinois, U.S., on Thursday, July 26, 2018. U.S. President Donald Trump celebrated U.S. Steel Corp’s decision to re-employ hundreds of laid-off workers and lamented decades of past leaders’ trade policies. Photographer: Daniel Acker/Bloomberg

(Bloomberg) — U.S. Steel Corp. expects to lay off about 10% of its workforce due to the coronavirus, with the pandemic forcing the company to idle most of its blast furnaces.

The Pittsburgh-based company said in a filing it sent out notices of plans for layoffs to 6,500 employees, but that it expects the actual number affected to be about 2,700.

It’s temporarily idling a blast furnace at its Gary Works facility and Mon Valley Works site, effective immediately, and will also indefinitely idle its Lone Star Tubular Operations as well as its Hughes Springs coupling production facility in Texas.

The announcement comes just a month after it idled other facilities, cut spending and increased its borrowings under a revolving credit facility. U.S. Steel reported an adjusted loss of 73 cents in the first quarter, better than the 85-cent loss that analysts on average estimated.

©2020 Bloomberg L.P.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Let’s block ads! (Why?)

Commodities & Futures News

Leave a Reply

Your email address will not be published. Required fields are marked *