U.S. Steel laying off hundreds in Michigan

[theeedude]

In a Worker Adjustment and Retraining Notification filed on Aug. 5, the Pittsburgh-based company said it expects to let go fewer than 200 workers following its decision to halt production at the Michigan facility.

In mid-June, the company said it would idle two blast furnaces at its Great lakes and Gary Works plants, citing lower steel prices and softening demand.

U.S. Steel said the lay-offs at the Michigan plant could last beyond six months. They will impact nearly every area of the facility, from blast furnace to finishing operations, a company spokeswoman told Reuters.

The lay-offs call into question claims President Donald Trump has made about the resurgence of the domestic steel industry. Last week in Pennsylvania, Trump said his 25% tariff on foreign imports has turned a “dead” business into a “thriving” enterprise.

Domestic steel prices did rise in the immediate aftermath of Trump’s tariffs. But they have fallen dramatically amid improved supplies and weakening demand from the auto and farm machinery sectors.

Prices of hot-rolled coil are down nearly 37% from their 2018 peak.

U.S. Steel’s stock price has plunged 73% since March 1, 2018, when Trump announced his decision to crack down on foreign imports.

Oops. Oh well.

 

[vi edit]

Trade wars are easy.

 

[Mai72]

The chance that the US economy will go bust by next year is real. Now, how bad is it going to be is the rel question.

Like Bush jr, Trump is a fool. 2006/7 all over again, but maybe even nastier with student loans, and consumer spending reaching record levels.

 

[IronWing]

That's too bad. Hope folks get back to work soon.

 

[alien42]

"U.S. Steel’s stock price has plunged 73% since March 1, 2018, when Trump announced his decision to crack down on foreign imports."

Wow, I'd love to hear a reporter ask Trump about that.

 

[SMOGZINN]

Wait you mean that international trade is not a simple balance book equation? That if you manipulate steel prices you also might be manipulating the price of products that use steel, and that in turn will change the demand for steel, which will in turn changes the value of the steel worker labor?

Who could have known that international commerce could be so complex?!?

 

[K1052]

It's ok guys I heard that China is paying us.

 

[trenchfoot]

Not to worry folks, most all of those workers losing their jobs are probably Trump supporters so they won't mind losing their jobs at all if it helps Trump get reelected so he can carry on with his stable genius agenda for Keeping America Great Again.

 

[Gabe323]

Thoughts and prayers

 

[thraashman]

"U.S. Steel’s stock price has plunged 73% since March 1, 2018, when Trump announced his decision to crack down on foreign imports."

Wow, I'd love to hear a reporter ask Trump about that.

"You wanna talk about steel. Let's talk about the lovely steel slats that are going to be in the wall on the Mexican border. And Mexico is going to pay for it. That will bring up the prices of steel. And while we're talking about steal, did you hear how Google helped Hillary steal tens of millions of votes from me? That's a steal, why aren't you talking about that? I'll tell you why, it's because you're fake news!"

 

[nakedfrog]

"You wanna talk about steel. Let's talk about the lovely steel slats that are going to be in the wall on the Mexican border. And Mexico is going to pay for it. That will bring up the prices of steel. And while we're talking about steal, did you hear how Google helped Hillary steal tens of millions of votes from me? That's a steal, why aren't you talking about that? I'll tell you why, it's because you're fake news!"

Nice try, but obviously fake since every sentence is logically connected to the following sentence, and they're all complete sentences.

 

[Jhhnn]

The Job Creators giveth, and the Job Creators taketh away. They've been doing a lot of the latter throughout the rust belt for 40 years.

Making steel from ore is a rough go against reprocessed steel when prices & demand are low.

 

[Sunburn74]

Oops. Oh well.

I find it interesting that tariffs were supposed to protect steel but this led to lower demand from car manufacturers and so everyone lost. Who would have predicted that except every classically trained economist in the world?

 

[DarthKyrie]

I saw a commercial the other night while flipping through the channels about how Trump has made it possible for factories to open, please don't tell me the commercial for Trumpy bear was a lie.

 

[JEDIYoda]

Where is our Russian Troll when you need his wit and wisdom to put a positive Republican slanted spin on things......

 

[K1052]

The Job Creators giveth, and the Job Creators taketh away. They've been doing a lot of the latter throughout the rust belt for 40 years.

Making steel from ore is a rough go against reprocessed steel when prices & demand are low.

The electric mini-mills already won the war but it's ironic that ill considered measures meant to prop up the entire industry will end up quickly killing the integrated facilities that are left.

 

[ondma]

Ummm, not trying to support Trump, but your thread title is misleading. "Less than 200" is not "hundreds". In any case, I think the only hope for the Dems to unseat Trump is for the economy to go in the toilet and show Trump for what he is, a friend of the ultra-rich who only cares about the little guy if it will win him votes. One has to admit though, he is a master of using fear to manipulate people. Now that the economy is becoming suspect, he is already trying to convince people that their 401k plans will go bankrupt if a Democrat wins.

Also, the Dems should stop attacking each other for shit that happened 20 years ago and start attacking Trump for his huge tax cuts for the rich and gutting of every environmental and financial regulation in the book to try to keep the economy strong until the election.

 

[dank69]

Great News!

 

[thraashman]

Nice try, but obviously fake since every sentence is logically connected to the following sentence, and they're all complete sentences.

You're right. Trump's speaking style is so disjointed and insane that even trying to mock him comes off as more coherent than his actual responses.

 

[HomerJS]

That's too bad. Hope folks get back to work soon.

Except the ones who voted for Trump.

 

[HomerJS]

Ummm, not trying to support Trump, but your thread title is misleading. "Less than 200" is not "hundreds". In any case, I think the only hope for the Dems to unseat Trump is for the economy to go in the toilet and show Trump for what he is, a friend of the ultra-rich who only cares about the little guy if it will win him votes. One has to admit though, he is a master of using fear to manipulate people. Now that the economy is becoming suspect, he is already trying to convince people that their 401k plans will go bankrupt if a Democrat wins.

Also, the Dems should stop attacking each other for shit that happened 20 years ago and start attacking Trump for his huge tax cuts for the rich and gutting of every environmental and financial regulation in the book to try to keep the economy strong until the election.

He's only the master of the stupid.

 

[cytg111]

Oops. Oh well.

DONT PANIC!! ... Dont Panic!!!

RUSAL will pick them up.

Its all good.

 

[hal2kilo]

I saw a commercial the other night while flipping through the channels about how Trump has made it possible for factories to open, please don't tell me the commercial for Trumpy bear was a lie.

You can still get the pillows though.

 

[trenchfoot]

You're right. Trump's speaking style is so disjointed and insane that even trying to mock him comes off as more coherent than his actual responses.

He should try talking backwards to make more sense. He's more than half way there already with his constant walk backs/waffling.

edit - Don'cha just love it when he tries to "clarify things" by making what amounts to a complete 180˚ swing in the opposite direction?

 

[Fanatical Meat]

Guess they got tired of winning and couldn’t stand winning anymore.