US Steel told employees it will idle operations in Illinois and Indiana, laying off 545 workers. The newest cuts follow the layoff of 756 workers at its tubular plants in Ohio and Texas earlier this month due to decreased demand from oil prices and the surge in lower cost imports.
Two coke ovens at Granite City Works in Illinois will be permanently closed on or after March 22, affecting 176 workers. The tin mill, East Chicago Tin, will be temporarily idled in mid-March, resulting in the layoff of 369 employees.
The cutbacks are part of the Carnegie Way transformation and came about “following an assessment of market conditions, our long-term coke strategy and our changing steelmaking footprint,” said US Steel spokesperson Courtney Boone. US Steel is also considering the introduction of electric arc furnaces to US Steel facilities which would lessen demand for coke from Granite City.
Tin products have been negatively impacted by low cost imports said Boone.
US Steel has had five consecutive years of losses and, under the helm of CEO Mario Longhi, has been working to return profit to the company.
US Steel will report quarterly earnings next Tuesday and discuss operations in the quarterly conference call on January 28.
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