Pennsylvania-based U.S. Steel Corp – one of the largest U.S. steel makers – announces it will halt its Canadian facilities operations due to decreased demand.
Setting its Nanticoke and Hamilton, Ontario, facilities on hold will put about 1,500 out of work, reports Bloomberg. The decrease in global demand for steel, and the subsequent drop in prices (more than half since July 2008), were attributed for the cut in production.
Source:
Bloomberg.com: “U.S. Steel to Idle Canada Plants, Affecting 1,500”
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