More bad news for the steel industry as U.S. Steel lays off more employees.
“U.S. Steel spokesperson Amanda Malkowski confirmed the layoffs at both of its Minnesota ore operations — Keetac in Keewatin and Minntac in Mountain Iron. Malkowski would not say how many positions were eliminated but said all were non-union. WDIO-TV reported that approximately 30 people had been laid off.
In an emailed statement, Malkowski said the cuts were part of the companies ‘new operating structure’ announced on Oct. 8.
That includes reducing $200 million from its annual fixed costs by 2022, the company has said. Meanwhile, low steel prices are also hurting the steelmaker.
U.S. Steel lost $84 million in the third quarter of 2019, according to financial results released last week.
The layoffs come just weeks after U.S. Steel idled one of its production lines at Minntac. At the time, the company cited ‘changing market conditions’ and said no layoffs were expected.
Layoffs of non-union U.S. Steel employees were reported across the company Friday.”
For the rest of the story, visit the Duluth News Tribune here.