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US Steel is going to continue layoffs

30 September 2015

US Steel is one of the leaders of the US metallurgical sector. The company's management plans to continue firing employees in Mining Kivaytine. In the summer of this year left 150 unemployed workers. Now the media say that under the threat of dismissal is another 210 workers. Courtney Boone, a company spokeswoman, said of the potential problems, is expected at over 6 months. Layoffs at Keetac taconite plant began in May. In late spring affected 412 workers. Development of iron ore has been suspended. However, in August, 260 people recalled from layoffs. After this plant has resumed production. Now employees can once again be subject to layoffs. Representatives of the company informed the trade unions and the state bodies of state power of future reductions.

The media noted that dismissals messages coincided with reports of new negotiations. They will take place between the company and the trade unions in relation to the employment contract. The previous ended September 1. Union representatives made known resentment against US Steel plans. The company intends to reduce the medical care of employees and cut back on insurance. Trade unions call for the company's employees do not panic and continue to assert their rights. By the way, negotiations are planned not only with the company US Steel. September 1 came to an end labor contracts ArcelorMittal employees. Unions say about the protests against the companies. They intend to make available for metallurgists conservation benefits.

Forbes experts in September, adjusted forecasts of the value of shares US Steel. The decline amounted to 20% to 16 USD per share. The revised estimate reflects the problems of the enterprise. Currently, the United States Steel sector is experiencing hard times. There is a growing competition from dumped imports of steel. Reduced consumer demand. These factors have a negative impact on US steel companies. US Steel recently forced to stop a blast furnace and steelmaking-related production in Alabama. The share of imported steel sheet in the US market has increased from 15% to 22% this year. And among the competitors US Steel is China, the world's leading manufacturer of steel products. The increase in import volumes and the decrease in orders forced the company to reduce the cost of production. Since the beginning of 2015 the average price of hot-rolled steel sheet fell by 7.5%.

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