President Donald Trump boasted last week at a rally in Michigan: “Look at what I’ve done for steel. I mean, the steel is back.”
Meanwhile U.S Steel is laying off 1,500 employees in that very state.
The news comes just months after U.S. Steel announced it would be laying off 200 workers at the same mill, Great Lakes Works.
U.S. Steel said they expect to end the mill’s iron and steelmaking operations by April 1, 2020, with another part of the mill closing by the end of 2020. The estimated job loss is 1,545 workers.
Steel production will instead be shifted to a plant in Gary, Ind., where the company has invested $750 million after both the city and state gave U.S. Steel tax breaks. Those tax breaks aimed to keep at least 3,875 jobs at the plant.
The changes, along with a plan to slash its dividend and suspend stock repurchases, come as the company predicts major losses in the fourth quarter of the year. According to MarketWatch, U.S. Steel reported an adjusted loss of $1.15 a share in the fourth quarter. The number is far more than analysts’ original projection, which put losses at 62 cents a share.”
For the rest of the story, visit The Hill here.