U.S. Steel Portends More Blue-Collar Pain With 2,700 Layoffs
- Covid-19 forces steelmaker to shut most of its blast furnaces
- Notice of potential layoffs sent to as many as 6,500 employees
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One of the biggest U.S. steelmakers is signaling how the coronavirus pandemic is set to inflict pain on blue-collar America.
U.S. Steel Corp. expects to lay off about 2,700 employees as the virus forces the company to idle most of its blast furnaces. Even before lockdowns hit the economy, producers were facing slowing demand in the manufacturing sector.