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President Donald Trump expresses on the trade in the Granite City Works steel coil repository on Thursday, July 26, 2018, Granite City, Ill.AP / Evan Vucci Photo
- United States Steel Corporation has laid off dozens of factories in a Michigan plant and has announced plans to temporarily lay off up to 200 workers over the next few weeks.
- President Donald Trump celebrated last year the move to an Illinois factory owned by US Steel, which had originally supported protectionism.
- But the steel producer has struggled since the entry into force of tariffs, losing billions of dollars in market value last month.
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United States Steel Corporation has laid off dozens of people at a facility in Michigan and has submitted plans to temporarily eliminate up to 200 workers over the next few weeks, according to a document filed by the state.
In a notice of redevelopment and conversion of the worker class The steel giant announced this month with the United States that the layoffs were the result of unused operations and other adjustments made to the Great Lakes Works facility.
"These additional adjustments in the Great Lakes Works business are related to difficult market conditions," said US Steel spokeswoman Meghan Cox, adding that the position included positions in almost every area of the market. # 39; installation.
According to the August 5 filing, US Steel predicted that other layoffs at the facility in Ecorse, Michigan, would likely begin on September 30 and could continue "periodically thereafter, depending on market conditions ". The company said it did not know when production would normally resume at the plant.
The Trump administration levied high tariffs on steel in early 2018, a measure designed to level the playing field for US companies by limiting foreigners' access to the market. President Donald Trump celebrated last year the move to an Illinois factory owned by US Steel, which had originally supported protectionism.
But the sharp rise in output came just as demand began to cool, leading to a sharp drop in steel prices. Prices for hot-rolled coils fell nearly a third from last year's highs.
These conditions have created a complicated scenario for companies like US Steel, which use older and more expensive equipment than some competitors. In July, Bloomberg reported the steelmaker lost billions of dollars in market value since the entry into force of the tariffs.
Trump continued to declare his commitment to revive the metal industry thanks to protectionism, which he had campaigned for in 2016.
"We are making steel .The steel industry is boiling. They were pouring steel everywhere," said the president during a demonstration in New Hampshire on Thursday, referring to foreign exporters of the steel. metal. "They were destroying our businesses.American steel now, they are all expanding.The steel industry is back.It is fine.
The White House has not responded to an email requesting a comment.
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