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Tue Nov 12, 2019, 09:25 PM

U.S. Steel lays off employees at Gary Works, Midwest Plant in nationwide sweep

Source: nwitimes.com

U.S. Steel has laid off an undisclosed number of non-union workers nationwide, including at Gary Works and the Midwest Plant in Portage.

The latest round of layoffs is on top of the 150 workers the Pittsburgh-based steelmaker plans to let go when it idles East Chicago Tin later this year.

U.S. Steel has been looking to slash annual costs by $200 million a year after poor financial performance amid deteriorating market conditions, including weak steel prices, soft demand, declining automotive sales and a record $31 billion in household and kitchen appliance imports last year.

"Following the announcement of our new operating structure on Oct. 8, leaders examined organizational structures, work performed, and spending to find opportunities to more efficiently execute our strategy," U.S. Steel Communications Analyst Amanda Malkowski said. "At the same time, we’ve been battling challenging market conditions, which means we need to truly become a leaner, more efficient organization faster. As part of this process, we are taking the difficult step to eliminate a number of non-represented positions in the United States."

Read more: https://www.nwitimes.com/business/local/u-s-steel-lays-off-employees-at-gary-works-midwest/article_cd2fc38f-36b6-503c-b785-980dec315589.html#tracking-source=home-top-story



Weak steel prices,declining automotive sales,and record $31 billion in household and kitchen appliance imports last year.....Signs of an upcoming Trump recession if you ask me.

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Reply U.S. Steel lays off employees at Gary Works, Midwest Plant in nationwide sweep (Original post)
AKing Nov 12 OP
roamer65 Nov 12 #1
cstanleytech Nov 12 #2
gab13by13 Nov 13 #7
Roy Rolling Nov 12 #5
paleotn Nov 12 #3
nycbos Nov 12 #4
IronLionZion Nov 12 #6
Bernardo de La Paz Nov 13 #9
Bernardo de La Paz Nov 13 #8

Response to AKing (Original post)

Tue Nov 12, 2019, 09:28 PM

1. The Fed has pumped $700B into the overnight and 14-day bank loan market since Sept.

They are trying to stave off an economic collapse.

This is an amount reminiscent of late 2008.

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Response to roamer65 (Reply #1)

Tue Nov 12, 2019, 09:43 PM

2. Happens every time the Republicans have the stupid idea to cut taxes for the wealthy and

corporations with the continued delusion that taxes on them are what is holding the economy back when in fact its the wealthy and corporations fucking over the workers in this country that is what is doing that.

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Response to cstanleytech (Reply #2)

Wed Nov 13, 2019, 06:16 AM

7. I agree,

Trump's 1.5 trillion dollar gift to the rich and corporations has artificially stimulated the economy (stock market) Corporations didn't use the money to invest in jobs, they used it to buy back stock and to give corporate execs big pay raises. Now the Fed is pumping more money into the system to artificially stimulate the economy. Meanwhile the consequence of giving all of this money away is that we now have 1 trillion dollars a year deficits. It's Art Laffer's supply side voodoo economics. The supply siders forget that 25% of our GDP comes from consumer spending. I guess Trump can keep on artificially stimulating the economy by printing money and giving it away. I read where Trump has given double the money away to farmers that president Obama gave to save the auto industry.

Like everything Trump does, his economy is a con, a sham.

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Response to roamer65 (Reply #1)

Tue Nov 12, 2019, 09:51 PM

5. They always Miscalculate

They looted the country beginning in 2001 and thought the consequences would be felt after Bush left office in 2008.

But the markets collapse began in 2007 and Obama was elected. Same scenario now.

They looted the treasury in 2017, and by 2019 the consequences will start being felt—declining stocks and/or rising interest rates and higher unemployment.

Nothing goes up forever.

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Response to AKing (Original post)

Tue Nov 12, 2019, 09:44 PM

3. Winning! So much winning!

Yes, I am getting tired of all the "winning".

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Response to AKing (Original post)

Tue Nov 12, 2019, 09:46 PM

4. Gary, Indiana, Gary Indiana, Gary Indiana...

... no longer my home sweet home.


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Response to AKing (Original post)

Tue Nov 12, 2019, 10:22 PM

6. Just in time for the holidays

since Trump ended the liberal war on Christmas

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Response to IronLionZion (Reply #6)

Wed Nov 13, 2019, 08:11 AM

9. He replaced it w the tariff war on christmas. Remind his base they now pay more for christmas. . .nt

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Response to AKing (Original post)

Wed Nov 13, 2019, 08:09 AM

8. Remind his base tRump promised them that tariffs would save jobs in steel & aluminum . . . nt

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