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US Steel says mass layoffs could affect thousands of workers

A sign shows the U.S. Steel logo at the headquarters of U.S. Steel in downtown Pittsburgh on April 24, 2017.
Keith Srakocic/AP
A sign shows the U.S. Steel logo at the headquarters of U.S. Steel in downtown Pittsburgh on April 24, 2017.
SOURCE: Keith Srakocic/AP
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US Steel says mass layoffs could affect thousands of workers
U.S. Steel has given notices to thousands of workers that widespread cuts in jobs are expected.The Pittsburgh-based company said it has issued or plans to issue Worker Adjustment and Retraining Notification (WARN) notices to approximately 6,500 employees. WARN notices are required to be sent to workers in advance of plant closings or certain mass layoffs, which can include cutting jobs or reducing work hours by more than half.“Our goal during these unprecedented circumstances is to protect lives and livelihoods, which means keeping our employees and communities safe and healthy and the business resilient,” U. S. Steel President and CEO David B. Burritt said in a company statement. The Times of Northwest Indiana reported that those layoffs would be more than a third of U.S. Steel's 16,000-person workforce in North America.The steel manufacturer said in a Securities and Exchange Commission filing it expects the true number of employees affected to be around 2,700.United States Steel Corp. on Thursday reported a first-quarter loss of $391 million, after reporting a profit in the same period a year earlier.The steelmaker posted revenue of $2.75 billion in the period, which missed Wall Street forecasts. Three analysts surveyed by Zacks expected $2.78 billion.U.S. Steel shares have fallen 33% since the beginning of the year, while the Standard & Poor's 500 index has dropped nearly 10%.Bloomberg noted the company has idled seven of its 10 blast furnaces in the U.S.The Associated Press contributed to this report.

U.S. Steel has given notices to thousands of workers that widespread cuts in jobs are expected.

The Pittsburgh-based company said it has issued or plans to issue Worker Adjustment and Retraining Notification (WARN) notices to approximately 6,500 employees.

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WARN notices are required to be sent to workers in advance of plant closings or certain mass layoffs, which can include cutting jobs or reducing work hours by more than half.

“Our goal during these unprecedented circumstances is to protect lives and livelihoods, which means keeping our employees and communities safe and healthy and the business resilient,” U. S. Steel President and CEO David B. Burritt said in a company statement.

The Times of Northwest Indiana reported that those layoffs would be more than a third of U.S. Steel's 16,000-person workforce in North America.

The steel manufacturer said in a Securities and Exchange Commission filing it expects the true number of employees affected to be around 2,700.

United States Steel Corp. on Thursday reported a first-quarter loss of $391 million, after reporting a profit in the same period a year earlier.

The steelmaker posted revenue of $2.75 billion in the period, which missed Wall Street forecasts. Three analysts surveyed by Zacks expected $2.78 billion.

U.S. Steel shares have fallen 33% since the beginning of the year, while the Standard & Poor's 500 index has dropped nearly 10%.

Bloomberg noted the company has idled seven of its 10 blast furnaces in the U.S.

The Associated Press contributed to this report.