Some steelworkers as an unintended consequence of his America First policy as United States Steel Corp reacts to sagging demand from automakers reeling from higher steel prices.
Steel prices peaked in May 2018. In June 2019, U.S. Steel idled a blast furnace in Michigan. Two months later, the company decided to temporarily let go employees and warned of up to 200 more layoffs by the end of September.
Since March 1, 2018, U.S. Steel’s shares have plunged 76% on softening steel prices and concerns about its debt-fueled investment program. The Pittsburgh-based company’s reliance on to the auto sector has exacerbated the situation, and data compiled by Goldman Sachs shows U.S. Steel’s production costs are among the world’s highest.