3 ms·
Looks like it's done for. Am curious whether the mentioned layoffs may actually happen or whether U.S. Steel is just bluffing.
by GenerWork 2y ago
Looks like it's done for. Am curious whether the mentioned layoffs may actually happen or whether U.S. Steel is just bluffing.
- toomuchtodo 2y agoIncoming admin said they'd do the same unfortunately [1] [2]. Bad policy, is what it is. Likely leads to some sort of M&A with Cleveland-Cliffs [3]. Steel demand is likely to remain subdued for the foreseeable future [4] due to China's deflationary macro and US Fed target rate remaining elevated, so policy is really just managing stagnation or decline at this time (and the ~14k jobs at risk, ~11k of which are United Steel Workers union members). [1] https://apnews.com/article/us-steel-nippon-trump-biden-steelworkers-1b0fb38077ff0a6b68e64a184f270bac https://apnews.com/article/us-steel-nippon-trump-biden-steel... [2] https://archive.today/xaKEP https://archive.today/xaKEP [3] https://www.clevelandcliffs.com/news/news-releases/detail/638/cleveland-cliffs-reminds-u-s-steel-you-have-no-path-to https://www.clevelandcliffs.com/news/news-releases/detail/63... [4] https://www.fitchratings.com/research/corporate-finance/global-steel-markets-under-pressure-due-to-weak-demand-declining-prices-20-09-2024 https://www.fitchratings.com/research/corporate-finance/glob...