The mayor of a Michigan steel town was attending his grandchildren's Christ...
CHICAGO - The mayor of a Michigan steel town was attending his grandchildren’s Christmas play Thursday evening when he got an unwelcome voicemail from an official of the town’s top employer: United States Steel Corp .
In the voicemail to Bowdler, heard by Reuters, the U.S. Steel official called the layoffs “terrible news” and attributed the decision to weak demand, lower steel prices and new corporate strategy. Steel production at Great Lakes Works will stop around April 1 and the hot-strip mill rolling facility will cease operations before the end of next year, U.S. Steel said in its statement released on Thursday. Production will be shifted to Gary Works in Indiana, the statement added.
Local officials had worked out a deal to give tax breaks to the company for a $600 million investment to carry out upgrades at Great Lakes Works. They thought the investment was the company’s commitment to stay invested in the towns. U.S. Steel told Reuters on Friday that its discussions with the two cities about the tax deal were “paused” earlier this year.
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