U.S. Steel to lay off up to 200 workers at Michigan plant: report
United States Steel Corp. (X) will temporarily lay off up to 200 workers from a facility in Michigan, Reuters reported (https://www.reuters.com/article/us-u-s-steel-layoffs/u-s-steel-plans-to-lay-off-hundreds-of-workers-in-michigan-idUSKCN1V91XQ) Monday. Citing filings dated Aug. 5, Reuters said production at the Great Lakes facility, near Detroit, would be halted, perhaps for more than six months. The steelworkers' union said layoffs were also expected at a U.S. Steel facility in Gary, Indiana, but the company said it "currently" does not expect layoffs there, Reuters reported. In a previous filing, U.S. Steel cited lower steel prices and weakening demand for idling plants. President Donald Trump has boasted about the strength of the American steel industry and how it has benefited from his administration's tariffs. U.S. Steel shares surged Monday, but are down 32% this year, compared to the S&P 500's 17% gain year to date.
-Mike Murphy; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
August 19, 2019 22:24 ET (02:24 GMT)
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