U.S. Steel to Idle Pipe Factories After Oil Price Slump
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U.S. Steel Corp., the country’s second-biggest producer of the metal, plans to idle two pipe plants and lay off more than 750 employees as the oil-price slump cuts spending by energy companies.
U.S. Steel yesterday notified 614 workers about potential dismissals in March at the company’s plant in Lorain, Ohio, which produces 780,000 tons a year of seamless tubular steel products. It issued similar notices to 142 employees at its tube factory in Houston, which processes 120,000 tons annually.