Steel Mills
US Steel Lays Off 25% of Salaried Workers
Written by Sandy Williams
April 6, 2016
US Steel will lay off about 25 percent of its salaried workers in its latest cost cutting effort. It is estimated about 750 employees in the 3,000 North American salaried positions will be laid off.
“This is part of the ongoing adjustment to staff levels and operations due to challenging market conditions, including fluctuating oil prices, reduced rig counts, depressed steel prices and unfairly traded imports,” said US Steel spokeswoman Sarah Cassella. “Many factors were carefully considered, including skills, knowledge and technical proficiencies needed to meet business needs.”
US Steel suffered a $1.5 billion loss in 2015 resulting in production cuts and a series of layoffs in Alabama, Texas, Ohio and Illinois. The company’s tubular business was hit particularly hard by low oil prices and reduced drilling resulting in the layoff of 770 workers in Alabama and Texas last month. The blast furnace at Fairfield Works has been idled and plans to build an electric arc furnace at the facility have been postponed.
US Steel is expected to report another loss when it releases its first quarter 2016 earnings report later this month.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
USS confirms split CFIUS decision on Nippon deal; it’s now up to Biden
Nippon Steel's purchase of U.S. Steel could lead to lower steel output domestically, and that presents “a national security risk," the Washington Post reported.
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.