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U.S. Steel Idling Blast Furnaces

U.S. Steel is idling two blast furnaces due to market conditions. U.S. Steel is idling two blast furnaces due to market conditions. |  Photo: Courtesy: U.S. Steel

Updated: June 19, 2019 02:55 PM

U.S. Steel is idling two blast furnaces in the Midwest and one in Europe, due to changes in market conditions. According to their earnings statement, the two furnaces are at Great Lakes in Detroit and Gary Works in Indiana. This is in order to better align their global production with their order book.

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CEO Dave Burritt said in a letter, "The company does not take decisions like these lightly, and while we currently anticipate there will be no immediate impact on employment levels, we're mindful of the impact these announcements have on our employees and their families." He went on to say that prices have fallen dramatically and there have been significant changes to the 2019 forecast for certain markets, like automotive.

U.S. Steel owns and operates Minntac in Mt. Iron and Keetac in Keewatin, and has partial ownership of Hibbing Taconite.

A statement from U.S. Steel on Wednesday said, "Based on current market conditions, there are currently no plans to adjust our Minnesota iron ore mining operations."

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