U.S. Steel said it will cut production by idling two blast furnaces in response to falling demand
Steel workers returned to the U.S. Steel mill in Granite City, Ill., in May 2018 when the facility was reactivated. Photo: lawrence bryant/Reuters By Bob Tita Updated June 18, 2019 7:34 pm ET United States Steel Corp. X 4.44% said it will cut production by idling two blast furnaces in response to falling demand for steel from a weakening manufacturing sector.
“Market conditions have softened,” U.S. Steel said on Tuesday. “We will resume blast furnace production at one or both idled furnaces when market conditions improve.” The moves will lower the company’s monthly production of steel by 200,000 tons to 225,000 tons starting in July, U.S. Steel said. If the two furnaces remain idle for the remainder of the year, the company said steel shipments would total about 11 million tons. That compares with an earlier forecast of 11.5 million tons, which took into account planned furnace outages for maintenance. Over 12 months, idling the two furnaces would reduce production by about 2.
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