Pennsylvania-based United States Steel Corp. (NYSE: X) has announced it will close two coke batteries at it Gary Works operations. Our partners at The Times of Northwest Indiana report the facilities would cost too much to fix. Approximately 120 employees work at the batteries and will be transferred elsewhere within the massive Lake County mill. No layoffs are expected.
Chief Executive Officer Mario Longhi discussed the move during the company's quarterly investor conference call.
The cuts are a result of a company-wide strategy to save money. The publication reports U.S. Steel has not turned an annual profit in five years.
It is investing millions of dollars during the next quarter on Gary Works upgrades, including relining a blast furnace.
Source: The Times of Northwest Indiana