Steel Mills
Revised: US Steel Layoffs in Illinois and Indiana
Written by Sandy Williams
January 22, 2015
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.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
USS/Nippon deal: Who will have the happiest holidays?
Will Santa bring gifts for the leadership, employees, and shareholders of U.S. Steel and Nippon Steel, and lumps of coal for USW leadership and politicians opposed to the deal?
‘Orderly liquidation’ of AHMSA assets begins
A trustee has formally taken over AHMSA and begun the liquidation process of the bankrupt Mexican steelmaker.
Nippon buying stake in Canadian iron ore project
Nippon Steel and a Japanese trading company have entered an agreement to buy a 49% interest in a Champion Iron ore project in Canada.
USS anticipates Q4 loss on weak demand, BR2 start-up
Amid a challenging pricing and demand environment, and with the ongoing ramp-up of the Big River 2 mill, USS is anticipating a loss for the fourth quarter.
Nucor blames steel mills segment for depressed Q4 guidance
Nucor cited decreased volumes and prices in it steel mills segment as the key driver of its lower guidance for the fourth quarter.