Thursday, October 09, 2008

Steel Company To Temporarily Lay Off Hundreds Of Workers

A steel company is temporarily laying off 800 workers because of a downturn in sales.

The layoffs at SeverStal Wheeling include workers at plants in Steubenville and Mingo Junction, Ohio. They take effect Sunday.

United Steelworkers Local 1190 President Ken Aspenleiter hopes the layoffs will only be for one week, but admits the company has not set a timeline.

Read the full story at

We are likely to be seeing more of around the world as steel plants cut back on capacity due to weak demand. AFX News is reporting that European steel producers are preparing for production cuts later in the year and the Moscow Times ran a story only yesterday of planned output reductions from Russian steelmakers.

I doubt that even the most optimistic steel manufacturer will still be forecasting the growth figures they were talking about only days ago.


No comments: