U.S. Steel to Lay Off Nearly 10% of its Employees
With the COVID-19 pandemic devastating demand, U.S. Steel, which has idled most of its blast furnaces, said that it will lay off 2,700 employees, several news outlets reported.
SEATTLE (Scrap Monster): U.S. Steel announced in April that it plans to lay off about one-tenth of its workforce.
With the COVID-19 pandemic devastating demand, U.S. Steel, which has idled most of its blast furnaces, said that it will lay off 2,700 employees, several news outlets reported.
Company President and CEO David Burritt indicated that the layoffs are part of “a series of actions in response to the coronavirus pandemic and the significant changes in the global oil and gas markets.”
“As the impacts from these unprecedented market dynamics became apparent, we adjusted our footprint, fortified our balance sheet and aggressively cut costs,” he said, according to The Telegraph. “While these decisive actions helped us exceed our first quarter guidance, we have quickly turned our attention to the second quarter to not only ensure the safety and health of our employees but also to preserve cash and liquidity.”
He noted, though, that, “challenging days are ahead.”
Courtesy: AIIS
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