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U.S. Steel to idle Indiana plant, 150 jobs at risk

Stock MarketsAug 23, 2019 06:41PM ET
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© Reuters. U.S. Steel to idle Indiana plant, 150 jobs at risk

CHICAGO (Reuters) - U.S. Steel said on Friday it will idle a plant in Indiana by mid-November as part of the consolidation of its till mill operations in the United States, a move which could result in lay-offs for nearly 150 employees.

The news comes days after the Pittsburgh-based company revealed its plans to let go of up to 200 workers at its Great Lakes facility in Michigan.

The steelmaker blamed high levels of low-priced imports for its decision to consolidate work at East Chicago Tin facility into the ones at Gary Works and the Midwest Plant in Northwest Indiana.

The East Chicago facility currently employs 297 workers. A U.S. Steel spokeswoman said the company expects to offer half of the employees positions at the two Northwest Indiana plants.

"Decisions around employee impacts have not been finalized," Meghan Cox, the company's spokeswoman, told Reuters. "Our goal is to place as many East Chicago Tin employees as possible at other nearby U. S. Steel facilities."

U.S. Steel's shares closed down 5.3% at $11.17 on Friday. Its stock price has plunged 76% since March 1, 2018, when President Donald Trump announced his decision to impose 25% tariffs on foreign steel imports to help revive U.S. steelmakers.

U.S. Steel to idle Indiana plant, 150 jobs at risk
 

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Comments (2)
Hank Williams
Hank Williams Aug 24, 2019 11:09AM ET
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Create an exchange transaction tax and you can save any industry in the US. Create this tax an drop a large number of other taxes.
Jeff Chevalier
Jeff Chevalier Aug 23, 2019 7:19PM ET
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Nothing to do with imports. If you're consolidating work into one plant it's called cost cutting. If cheap imports are the problem, you'd have no reason to make the same amount.
 
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