More U.S. Steel Layoffs Coming, CEO Says

U.S. Steel Corp. expects to lay off more workers this year as the Downtown-based steel manufacturer accelerates cost-cutting to deal with a significant downturn in demand, CEO Mario Longhi said Wednesday.

The company has laid off 2,800 workers since the beginning of the year as it reduces steel production at all its plants in North America. It has issued notices to 9,000 of its workers warning them that they could be cut which gives the company flexibility to react to worsening conditions.

Longhi told analysts that the number of layoffs will go higher, but he didn’t provide specifics.

Read more: http://triblive.com/business/headlines/8253660-74/steel-company-longhi#ixzz3YipFlqKv
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