U.S. Steel Košice steel mill denied reports it is planning layoffs

The U.S. Steel Košice steel mill denied reports it is planning layoffs. After last year’s record-breaking results (steel output came to 5m tons and EBITDA profit to $359m), the mill was forced to cut output in the first quarter, due to rising input prices and the unfavorable $:€ exchange rate. U.S. Steel plans to impose 5% cost cuts annually over the coming three years; the Košice mill is to axe 650 jobs annually (its workforce has been stable at 12,000 recently). The mill says it is far too early to discuss specific measures.

(sme.sk)