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.
US Steel is losing money again.
The American steel industry is worried. US Steel, the 120-year-old icon of the sector, told investors that its financial outlook would suffer in the second half of the year because of falling prices and weak demand. It was the third steel company this week to issue a profit warning to investors.
US Steel is temporarily laying off about 200 workers from a Michigan plant as the steel-making industry continues to falter.
Pain has returned to the US steel industry, despite the tariffs put on imported steel last year that were designed to help.
A year's worth of tariffs have given a shot in the arm to the US steel industry — but not for their shareholders.
Tariffs on imported steel lifted prices and operating profit for U.S. Steel, and the company predicted even better times lay ahead.
American companies looking for a way out of punishing steel tariffs say they're trapped in a bureaucratic nightmare.
US Steel is hiring in the wake of President Donald Trump's steel tariffs.