Steel falls amid layoffs in US industry
Economies.com
2019-08-22 14:30PM UTC
Steel prices retreated today after United States Steel Corporation announced layoffs despite President Trump's optimistic remarks that the industry is recovering after his tariffs on metal imports from abroad.
The US company announced that hundreds of workers have been temporarily laid off from its Michigan plant after stopping the production at the plant.
The company announced in June that it will cut production in two factories in Michigan because of low steel prices and weak demand.
The US Steel spokeswoman told Reuters that the layoffs may temporarily reach more than six months and will impact the production activities.
By 14:17 GMT, steel prices fell by 0.8% to $913.3 per tonne, with a high of $929.5 and a low of $917.8.
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