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.

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U.S. Steel Reorganizes Operating Units

U.S. Steel Tower in downtown Pittsburgh, Pennsylvania. (Photo credit: Wikipedia)

U.S. Steel Corp. is reorganizing its three operating units to focus on industries the company serves, the latest phase in the Downtown-based company’s Carnegie Way program to cut costs, boost revenue and return to profitability.

As part of the new management structure, U.S. Steel is realigning its North American Flat-Rolled division to focus on five markets: automotive, consumer, industrial, service centers and mining.

“These commercial entities will put our company in a stronger position to be best-in-class in product innovation, customer service and solutions, as well as steel manufacturing,” CEO Mario Longhi said.

The company is renaming its Tubular Products unit Energy Solutions, reflecting its focus on providing steel pipe to the booming oil and gas industry. And its operations in Europe were renamed U.S. Steel European Solutions.

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