May 2016, Vol. 243, No. 5
In The News
U.S. Steel Idling 2 Plants, Cutting Jobs
The country’s second-biggest producer of steel is dismissing as many as 770 workers and shuttering two plants that make tubes used in oil drilling as energy companies cut production.
U.S. Steel may cut as many as 450 union-represented jobs at its Lone Star Tubular Operations in eastern Texas and 200 at its Fairfield, AL site, the company said. About 120 non-represented positions were cut across Ohio and Texas, including the Houston sales office.
Wood Mackenzie has tracked $91 billion in capital-expenditure cuts in 2016 at 121 companies. U.S. Steel is among suppliers who have also suffered, cutting production at tube-making facilities from Ohio to Texas as demand and prices have dropped.
A year ago, U.S. Steel said it would temporarily idle an Illinois factory making flat-rolled steel, citing adverse market conditions including cheap imports and lower oil prices.
Comments