US Steel Corp., the second-largest US metal producer, said it plans to lay off 770 workers as it idles two factories that make products used in the oil industry.
US Steel could cut as many as 450 jobs at its Lone Star Tubular Operation facilities in East Texas and 200 at Fairfield, Alabama, the company said. Lone Star has been idling this week and Fairfield since April. About 120 positions have already been cut at these and other factories.
US energy companies cut capital spending as oil and gas prices fell. Wood Mackenzie reported $ 91 billion in capex cuts in 2016. US Steel is one of the suppliers hit hard by cutting pipe production as demand and prices fell. Workers at two sites were notified of potential layoffs in January.
A year ago, US Steel said it was temporarily idling its flat steel mill in Illinois, citing unfavorable market conditions, including cheap imports and lower oil prices. The company said it had notified 2,080 workers at the Granite City plant at the time of potential layoffs.
US Steel's sales in its pipe divisions are generally the most profitable, posting an operating loss of $ 179 million in 2015 and sales fell 68 percent.
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