trending Market Intelligence /marketintelligence/en/news-insights/trending/bwHB71xOuSoX-f8GZ-A8rA2 content esgSubNav
In This List

US Steel to temporarily lay off less than 200 after idling Mich. facility

Blog

Insight Weekly: US stock performance; banks' M&A risk; COVID-19 vaccine makers' earnings

Blog

Insight Weekly: LNG exports surge; investors unfazed by inflation; neobanks drive VC funding

Blog

Essential Metals Mining Insights November 2021

Blog

[Infographic]: 2021 World Exploration Trends


US Steel to temporarily lay off less than 200 after idling Mich. facility

U.S. Steel Corp. intends to temporarily lay off less than 200 workers following a decision to stop production at its Great Lakes operation in Michigan, Reuters reported Aug. 19, citing an Aug. 5 company filing with the state.

The layoffs at the Michigan plant may last over six months, with jobs affected in nearly every area of the facility, the newswire reported, citing a U.S. Steel representative.

An official with the United Steelworkers union said layoffs were planned for the Gary Works plant in Indiana, but a U.S. Steel representative said the company does not expect changes in employment at that operation in the near term, Reuters added.

Lower steel prices and softening demand forced the steelmaker to idle two blast furnaces at its Great Lakes and Gary Works plants, reducing its total production capacity by 200,000 tonnes to 225,000 tonnes per month, starting in July.

Indiana extended a US$47 million tax break package to help the company invest US$750 million to modernize the Gary Works facility.