U.S. Steel (NYSE:X) layoffs are a hot topic on Wednesday after the steel products manufacturing company revealed the closing of a blast furnace.
U.S. Steel has revealed that the final blast furnace at its Granite City plant will be idled indefinitely. With that move comes plans for the company to lay off a large portion of the employees at the location.
The U.S. Steel layoffs will likely affect 1,000 workers at the Granite City facility. That includes 400 employees who were already on temporary leave, as well as another 600 active workers. That could leave the location with only about 300 workers after the job cuts are complete.
It also bears mentioning that U.S. Steel has been seeking to sell part of the Granite City plant since last summer. It’s been in negotiations with SunCoke Energy (NYSE:SXC) since then, but no hard details have come from those talks. What is known is that the sale would have required large layoffs at the facility.
U.S. Steel Layoffs Statement
Here’s a statement from a U.S. Steel spokesperson concerning the Granite City plant job cuts collected by KMOV4:
“U. S. Steel has indefinitely idled Granite City’s primary operations and will meet customer demand by leveraging the Company’s active iron and steelmaking facilities. This action was taken in order to help ensure melt capacity is balanced with our order book. Accordingly, the Company has sent the required notices to employees who potentially may be affected. We thank our employees for their contributions and will keep them informed throughout this process.”
X stock is up slightly as of Wednesday morning.
There are more stock market stories traders will want to read about down below!
We have all of the latest stock market news worth reading about on Wednesday! A few examples include what’s happening with shares of Sibanye Stillwater (NYSE:SBSW) and Freyr Battery (NYSE:FREY), as well as why stocks are up today. All of that news is available at the following links!
More Stock Market News for Wednesday
- Sibanye Stillwater Layoffs 2023: What to Know About the Latest SBSW Job Cuts
- FREY Stock Alert: Freyr Jumps 10% on Battery Update
- Why Are Stocks Up Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
