U.S. Steel Laying Off 700 Minnesota Workers

(RTTNews) - US Steel Corp. (X) Tuesday said it will "adjust operations" and temporarily idle a part of its Minntac plant in Mt. Iron, Minnesota, effective June 1. According to reports, the move would see about 700 employees laid off.

The company said the decision was due to its current inventory levels and ongoing adjustment of its steel making operations throughout North America. US Steel intends to operate Minntac at reduced capacity in order to meet customer demand.

US Steel blamed the high level of imports and reduced steel prices as the reason for idling a part of the plant. "Global influences in the market, including a high level of imports, unfairly traded products and reduced steel prices, continue to have an impact," the company said in a statement.

Two weeks ago US Steel had announced it will temporarily idle its Minnesota Ore Operations - Keetac plant in Keewatin, Minnesota, resulting in 412 workers laid off.

X is currently trading at $24.48, down $0.96 or 3.77%, on the NYSE.