US Steel is closing a Detroit-area steel mill and laying off 1,500 workers | CNN Business
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.
December 20, 2019 – CNN Newsroom
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.
Peter Navarro, the White House’s director of the office of trade and manufacturing policy, told CNN Friday that the layoffs and closing of the US Steel mill were a sign of problems at the company, and not the tariffs or US trade policy.
“I think the bet [on tariffs] is paying off beautifully,” he said. “We are very bullish on the steel and aluminum industries because of the tariffs. If they weren’t in place, those industries would be in very bad shape right now.”
As far as US Steel’s situation, Navarro said the company “did not adapt with the times. They are paying for it dearly.”
