US Steel plans to lay off 546 workers

WASHINGTON (Scrap Monster): The layoffs will take place in the month of March, and the planned layoff is about 756 workers and closure of two other plants in Ohio and Texas, which was announced at the beginning of this month.  The company stated that, the cut off of workers is based on the declining price of oil, and also the declining demand for the company’s steel pipes and tubular products which are mainly used by the gas as well as oil sectors.

Wednesday, US Steel Corp. stated that, the company would close the two coke companies located in the Granite City, which would affect about 176 workers. This unit transforms the coal in the factory to coke, which is a form of carbon required to produce steel out of iron ore. These units are old, and will be soon eliminated as a part of the CEO’s plan to cut 500 million dollars in cost of production, stated the spokeswoman of the company.

The company is also planning on building more electric furnaces, which would make steel out of scrap instead of using iron ore, and doesn’t require huge quantities of coke.

The company will cut down about 369 workers as a result of the company’s plan to temporarily shut down a tin mill, which is also a part of Gary works facility located in Indiana, near Chicago. The mill produces steel which is used in the production food and drinks container.