US Steel is closing a mill near Detroit, laying off workers and cutting its dividend. The troubled company is trying to reverse operating losses it now forecasts for the fourth quarter.
The mill, called the Great Lakes Works, is expected to close its iron and steelmaking operations by April 1. The part of the mill that rolls slabs into sheets of steel will shutter by the end of next year. About 1,500 jobs will be lost, the company said. US Steel had already announced a temporary layoff of about 200 workers at the plant earlier this year.
The company and the rest of the domestic steel industry were supposed to get help from a 25% tariff on steel imports put in place in 2018 by the Trump administration. But after a short-term rise in steel prices, they have retreated and problems have returned to the industry.The company also announced it is cutting its dividend by 80% to 1 cent a share. Shares of US Steel were down 7% in premarket trading.
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