Search: News Price
Home |  Register |  Price Index  |  Publication |  Consultancy |  Data |  Events |  Enquiry |  Language
Mar.29.2024 1USD=7.0948RMB
  SteelHome >>Steel>>Market Info>>International Dynamics
 
U.S. Steel to Lay Off Nearly 10% of its Employees

https://en.steelhome.com [SteelHome] 2020-05-22 09:32:55

share to social network site
With the COVID-19 pandemic devastating demand, U.S. Steel, which has idled most of its blast furnaces, said that it will lay off 2,700 employees, several news outlets reported.

Company President and CEO David Burritt indicated that the layoffs are part of “a series of actions in response to the coronavirus pandemic and the significant changes in the global oil and gas markets.”

“As the impacts from these unprecedented market dynamics became apparent, we adjusted our footprint, fortified our balance sheet and aggressively cut costs,” he said, according to The Telegraph. “While these decisive actions helped us exceed our first quarter guidance, we have quickly turned our attention to the second quarter to not only ensure the safety and health of our employees but also to preserve cash and liquidity.” He noted, though, that, “challenging days are ahead.”

Source: SCRAPMONSTER
Related News
Search
News Price
Hot Topics
Latest Update
Most Viewed
上海市通信管理局
沪B2-20040629
Copyright© 2004-. SteelHome.com. All Rights Reserved
Shanghai SteelHome Information Technology Co., Ltd    Tel: +86) 021-50585733, 50585358    Fax: 021-50585277