U.S. Steel to idle three blast furnaces, hurt by lower prices and soft demand

From reuters.com

United States Steel Corp on Tuesday said it would idle two blast furnaces in the United States and a third in Europe, as lower steel prices and softening demand led the steel producer to forecast current-quarter earnings below the Wall Street estimates. Steel producers in the United States have brought old capacity online after President Donald Trump’s imposed tariffs on imported steel from countries including China, resulting in a surplus supply of steel at a time when manufacturing demand has weakened, suppressing prices. U.S. Steel said it will also idle one of its blast furnaces in Europe where increasing ... (full story)