Pennsylvania-based United States Steel Corp. (NYSE: X) is planning to idle its East Chicago steel mill and lay off nearly 370 workers. Our partners at The Times of Northwest Indiana report the company plans to restart the mill and bring back the workers when the market improves. The facility produces tin-plated metal for use in the canned food industry.
The company has laid off more than 1,300 employees this year, citing imports taking up market share and falling oil prices. It is also planning to permanently close an operation at Granite City Works in Illinois. That move will affect 176 workers.
In 2013, U.S. Steel said it would close two coke batteries at its Gary Works operations, saying the facilities would cost too much to fix.
Source: The Times of Northwest Indiana