US Steel to idle 2 pipe plants, lay off workers
New York
US Steel Corp, the country's second-biggest producer of the metal, plans to idle two pipe plants and lay off more than 750 employees as the oil-price slump cuts spending by energy companies.
US Steel notified 614 workers about potential dismissals in March at the company's plant in Lorain, Ohio, which produces 780,000 tonnes a year of seamless tubular steel products. It issued similar notices to 142 employees at its tube factory in Houston, which processes 120,000 tonnes annually.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
India's Vedanta misses Q4 profit estimates on lower prices
BHP targets Anglo American in bid valuing miner at US$39 billion
China's Sinopec charts global expansion with refinery in rival India's backyard
Gold trades in tight range as market focuses on US economic data
Oil settles lower as US business activity cools, concerns over Middle East ease
Orsted says Taiwan wind project to power TSMC on track for 2025 finish