Despite Trump’s claims that the US steel industry is “thriving” under his presidency, United States Steel Corp plans to layoff nearly 200 workers at their Great Lakes facility in Michigan.
A company spokeswoman told Reuters, “The lay-offs at the Michigan plant could last beyond six months. They will impact nearly every area of the facility, from blast furnace to finishing operations.”
Although the company denies this claim, a United Steelworkers official said “lay-offs were also planned for the Gary Works facility in Indiana.”
Initially, steel prices rose after Trump imposed tariffs on China. However, they have since fallen dramatically because of “amid improved supplies and weakening demand from the auto and farm machinery sectors.”
U.S. Steel stocks have also plunged 73%.