U.S. Steel expects to lay off 2,700 workersBloomberg News via Pittsburgh Tribune-Review
Thursday, April 30, 2020 4:47 p.m.
One of the biggest U.S. steelmakers is signaling how the coronavirus pandemic is set to inflict pain on blue-collar America.
U.S. Steel Corp. expects to lay off about 2,700 employees as the virus forces the company to idle most of its blast furnaces. Even before lockdowns hit the economy, producers were facing slowing demand in the manufacturing sector. ...
“It’s all about minimizing or preserving cash in a difficult environment,†said Phil Gibbs, an analyst at KeyBanc Capital Markets. “They’re a heavy fixed-cost business, and volume right now is reasonably limited and they have to take actions.†...
Rest of story at Tribune Review