U. S. Steel Corporation X announced that it will consolidate its North American flat-rolled operations and temporarily halt its operations at Granite City, IL, due to challenging market conditions. Factors like high levels of imports, unfairly traded products and reduced steel prices continue to have an adverse impact on steel production.
Consolidation is part of the company's strategy of making adjustment in steelmaking operations throughout North America to meet customer demands. The company will be issuing notices to 2,080 workers at Granite City Works under the Worker Adjustment and Retraining Notification Act as part of the consolidation. Through the consolidation, U.S. Steel will work closely with its customers and will continue to operate its steelmaking operations in Alabama, Indiana, Michigan and Pennsylvania.
Recently, U.S. Steel announced that it will temporarily halt production in its Minnesota Ore Operations at its Keetac plant in Keewatin, MN. This will be effective May 13, 2015. The company's existing inventory levels and adjustments of its steel production throughout North America led to this decision so as to accommodate customer demand. U.S. Steel regularly adjusts production at its operating facilities to adapt to the changing market conditions owing to the cyclical nature of the industry.
Source: Nasdaq
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