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US Steel will idle 15,000 or more workers, and possibly add more collateral damage as they shutter steel production in many states.
Of course, the US Steel chairman blames workers for not accepting low wages as the reason for their closings, and because they want to make operating profitable.
U.S. Steel Chairman David M. Roderick said the company's massive retrenchment, idling 15 percent of its more than 100,000 employes, was needed to "ensure U.S. Steel's position as the nation's premier steelmaker, restore market share and lead to maximum profitability in our steel operation."
Roderick estimated the U.S. Steel closings will cost the company $1.2 billion. Tax deductions, however, will reduce costs to $650 million.
He blamed "subsidized" imports and "noncompetitive" wage rates for forcing the closing of major plants and other company facilities.
A vulture capitalist has spoken.