U.S. Steel lays off employees at Gary Works, Midwest Plant in nationwide sweep
Source: nwitimes.com
U.S. Steel has laid off an undisclosed number of non-union workers nationwide, including at Gary Works and the Midwest Plant in Portage.
The latest round of layoffs is on top of the 150 workers the Pittsburgh-based steelmaker plans to let go when it idles East Chicago Tin later this year.
U.S. Steel has been looking to slash annual costs by $200 million a year after poor financial performance amid deteriorating market conditions, including weak steel prices, soft demand, declining automotive sales and a record $31 billion in household and kitchen appliance imports last year.
"Following the announcement of our new operating structure on Oct. 8, leaders examined organizational structures, work performed, and spending to find opportunities to more efficiently execute our strategy," U.S. Steel Communications Analyst Amanda Malkowski said. "At the same time, weve been battling challenging market conditions, which means we need to truly become a leaner, more efficient organization faster. As part of this process, we are taking the difficult step to eliminate a number of non-represented positions in the United States."
Read more: https://www.nwitimes.com/business/local/u-s-steel-lays-off-employees-at-gary-works-midwest/article_cd2fc38f-36b6-503c-b785-980dec315589.html#tracking-source=home-top-story
Weak steel prices,declining automotive sales,and record $31 billion in household and kitchen appliance imports last year.....Signs of an upcoming Trump recession if you ask me.
roamer65
(36,739 posts)They are trying to stave off an economic collapse.
This is an amount reminiscent of late 2008.
cstanleytech
(26,080 posts)corporations with the continued delusion that taxes on them are what is holding the economy back when in fact its the wealthy and corporations fucking over the workers in this country that is what is doing that.
gab13by13
(20,855 posts)Trump's 1.5 trillion dollar gift to the rich and corporations has artificially stimulated the economy (stock market) Corporations didn't use the money to invest in jobs, they used it to buy back stock and to give corporate execs big pay raises. Now the Fed is pumping more money into the system to artificially stimulate the economy. Meanwhile the consequence of giving all of this money away is that we now have 1 trillion dollars a year deficits. It's Art Laffer's supply side voodoo economics. The supply siders forget that 25% of our GDP comes from consumer spending. I guess Trump can keep on artificially stimulating the economy by printing money and giving it away. I read where Trump has given double the money away to farmers that president Obama gave to save the auto industry.
Like everything Trump does, his economy is a con, a sham.
Roy Rolling
(6,853 posts)They looted the country beginning in 2001 and thought the consequences would be felt after Bush left office in 2008.
But the markets collapse began in 2007 and Obama was elected. Same scenario now.
They looted the treasury in 2017, and by 2019 the consequences will start being feltdeclining stocks and/or rising interest rates and higher unemployment.
Nothing goes up forever.
paleotn
(17,778 posts)Yes, I am getting tired of all the "winning".
nycbos
(6,033 posts)... no longer my home sweet home.
IronLionZion
(45,252 posts)since Trump ended the liberal war on Christmas