US Steel plans to cut headcount worldwide

In terms of planning for "headcount reduction," the US Steel Corp. is going to lay off a number of employees worldwide, which also includes a certain number in Pittsburgh. The company explains that the cut is mainly driven by a desire to save money.

The company claims that the United States Steel Corporation is undergoing a comprehensive business reorganization process aimed at returning the company to a steady course of productivity and profitability growth. The decision was difficult to make, the company said in a statement. However, it was adopted after careful consideration and discussion.

While the announcement did not specify the number of jobs to be cut, it did hint that jobs would be cut in support of business functions and operations. About 5,000 employees are involved in the production of the company in various activities in the region and about 37,000 work in different locations around the world.

At the same time, the US steel company posted profit of $ 52 million in the first quarter of 2014, compared with a net loss of $ 73 million a year earlier. After years of losses, the company posted earnings of 34 cents per share, while the company lost 51 cents per share in the first quarter of 2013. The company has $ 1.1 billion in cash and $ 2.7 billion in total liquidity. However, revenue from operations is expected to decline in the second quarter.