|Bid||11.17 x 800|
|Ask||11.22 x 4000|
|Day's Range||11.08 - 11.73|
|52 Week Range||10.85 - 31.39|
|Beta (3Y Monthly)||2.40|
|PE Ratio (TTM)||1.96|
|Earnings Date||Oct 30, 2019 - Nov 4, 2019|
|Forward Dividend & Yield||0.20 (1.69%)|
|1y Target Est||14.08|
The U.S. Steel Corporation said Tuesday that it will temporarily lay off nearly 200 employees, as the company's stock prices have fallen nearly 70% since March 2018. Keith Laing, Washington correspondent for The Detroit News, speaks to CBSN's "Red & Blue" about the impact the staffing cuts will have.
U.S. Steel announced it is laying off 200 employees, following their decision to halt production at the Michigan facility. Executives are attributing the pull back to lower steel prices and softer demand. Ines Ferres and Akiko Fujita discuss.
The steel industry takes more hits in the shadow of the U.S.-China trade war. Yahoo Finance's Adam Shapiro, Rick Newman and Sibile Marcellus discuss.
Baidu, Southwest Airlines, U.S. Steel, Elanco and Disney are the companies to watch.
U.S. Steel said on Friday it will idle a plant in Indiana by mid-November as part of the consolidation of its till mill operations in the United States, a move which could result in lay-offs for nearly 150 employees. The steelmaker blamed high levels of low-priced imports for its decision to consolidate work at East Chicago Tin facility into the ones at Gary Works and the Midwest Plant in Northwest Indiana. The East Chicago facility currently employs 297 workers.
United States Steel Corp will temporarily lay off hundreds of workers at its Great Lakes facility in Michigan in coming weeks, according to a filing the steelmaker made with the State of Michigan. In a Worker Adjustment and Retraining Notification filed on Aug. 5, the Pittsburgh-based company said it expects to let go fewer than 200 workers following its decision to halt production at the Michigan facility. In mid-June, the company said it would idle two blast furnaces at its Great lakes and Gary Works plants, citing lower steel prices and softening demand.
In a regulatory filing, U.S. Steel announced layoffs. Last week, President Trump claimed that the US steel industry is “thriving” due to his tariffs.
The steelmaker plans to halt production and temporarily lay off about 200 workers at its Great Lakes, Mich., facility.
United States Steel Corp. will temporarily lay off up to 200 workers from a facility in Michigan, Reuters reported Monday. Citing filings dated Aug. 5, Reuters said production at the Great Lakes facility, near Detroit, would be halted, perhaps for more than six months. The steelworkers' union said layoffs were also expected at a U.S. Steel facility in Gary, Indiana, but the company said it "currently" does not expect layoffs there, Reuters reported. In a previous filing, U.S. Steel cited lower steel prices and weakening demand for idling plants. President Donald Trump has boasted about the strength of the American steel industry and how it has benefited from his administration's tariffs. U.S. Steel shares surged Monday, but are down 32% this year, compared to the S&P 500's 17% gain year to date.
The Pittsburgh-based manufacturer notified Great Lakes Works, which already laid off about 50 employees this summer, that more layoffs are on the way.
Moody's Investors Service ("Moody's") placed United States Steel Corporation's (U. S. Steel) B1 Corporate Family Rating, B1-PD probability of default rating, B2 senior unsecured ratings and B2 revenue bond ratings under review for downgrade. The review reflects tightened market conditions in the US and Europe, including softening in demand and steel price compression, in concert with higher costs and increasing capital expenditure requirements which will pressure earnings and cash flow and contribute to a releveraging of the company said Carol Cowan, Senior Vice President and lead analyst for U. S. Steel.
Employees at many United States Steel Corp. facilities arrive most workdays to 100-degree temperatures. The company employs what Burritt called “moneyball for mining,” or tech that allows engineers to determine where to extract the richest and most cost-effective ore. Part of the Mon Valley Works investment includes a $900 million investment to rebuild the current Caster Maintenance building at the Edgar Thomson facility to replace the current traditional slab caster and hot strip mill facilities with a new “continuous casting and rolling facility.” Because workers will turn several tons of liquid steel into coil per minute, decisions have to be made much faster than humans can make them.
US steel players see higher Chinese steel exports as a major challenge. While Chinese steel exports have moderated, US steel stocks continue to drop.
U.S. Steel Corporation released its second-quarter results last week. Though its earnings were better than expected, it saw a selling spree.
Today, United States Steel Corporation (NYSE:X) President and Chief Executive Officer David B. Burritt announced the appointment of Bryan Lewis to Chief Investment Officer. In this position, he will be responsible for the company’s global pension obligations for both defined contribution and defined benefit plans, as well as other related programs.