Nationwide Layoffs Sweep U.S. Steel
Gary Works (Image Courtesy of U.S. Steel) is the company's largest manufacturing operation.
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowPittsburgh-based U.S. Steel (NYSE: X) is laying off around one-quarter of its salaried workers nationwide. Our partners at The Times of Northwest Indiana report the cuts include operations in Gary and Portage.
The employees affected are non-union. The publication says of the estimated 3,000 salaried positions company-wide, some 750 have likely be laid-off.
In an annual report filed to the U.S. Securities and Exchange Commission in December, the company reported 2015 losses of approximately $1.6 billion. U.S. Steel is continuing to take steps throughout all operations to streamline processes and return to profitability called "The Carnegie Way." Indiana is the country’s largest steel-producing state and has been hit hard in recent years by a global market being flooded with cheaper, foreign-made steel that is pinching profits of American companies.
In a statement to The Times, U.S. Steel spokeswoman Sarah Cassella said:
This is part of the ongoing adjustment to staff levels and operations due to challenging market conditions, including fluctuating oil prices, reduced rig counts, depressed steel prices and unfairly traded imports. Many factors were carefully considered, including skills, knowledge and technical proficiencies needed to meet business needs.
The Times reports around 1,500 workers have been laid-off at U.S. Steel this year alone.