US Steel will lay off 756 workers
The impact of the recent collapse in global oil prices is now visible as the US Steel Corp. announced that it will idle plants in Ohio and Texas. On these lines, the steel major will lay off 756 workers, thereby making it the one of the first big US industrial casualties.
The reason behind this move is the low gas prices and a decrease in global oil exploration. Both these reasons have led to a major decline in the demand for the plant. This plant makes oil country tubular goods that are used in exploration and drilling of oil and natural gas.
In a letter to United Steel Workers President Leo Gerard in Pittsburgh, US Steel said, “This action is a result of a decline in tubular market conditions, which is impacting demand for the plant’s products”.
The layoff will start from March 8 onwards. The workers who will get affected include 277 operating technicians, 172 utility technicians, 73 electrical maintenance technicians, 57 mechanical maintenance technicians and 40 utility workers.
The statement informed that the layoff will have an effect that is worth hundreds of thousands of dollars when it comes to city’s 2015 budget. This will be due to lower income tax collections.
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