U.S. Steel to idle blast furnaces, cut capital spending

U.S. Steel will take a series of “aggressive and meaningful actions,” including idling a blast furnace at its Granite City Works and extending downtime for a blast furnace at its Gary Works, in response to impacts from Covid-19.

“The short-term actions announced today are difficult but necessary,” David Burritt, president and chief executive officer at USS, said in a statement on Friday March 27. “Our focus on cash and liquidity will ultimately position us to achieve our long-term goal as a stronger organization.” According to the release, the following actions will be taken by the Pittsburgh-based steelmaker amid the worsened economic environment caused by the coronavirus. Idling of the No4 blast furnace at Gary Works will begin...

Published

Muyao Shen

March 27, 2020

15:36 GMT

New York