U.S. Steel to Idle Plants, Lay Off Workers

U.S. Steel, which has posted annual losses in six of the past seven years, had bet heavily on so-called oil country tubular goods, or OCTG, an industry that was substantially built up to provide pipes and other equipment for the boom in shale gas and new oil drilling in the Gulf of Mexico before oil...

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Bibliographic Details
Published inDow Jones DBR High Yield
Main Author By Maria Armental
Format Trade Publication Article
LanguageEnglish
Published New York Dow Jones & Company Inc 21.03.2016
Subjects
Business forecasts
Layoffs
Steel industry
United States > US
Texas
Ohio
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Summary:U.S. Steel, which has posted annual losses in six of the past seven years, had bet heavily on so-called oil country tubular goods, or OCTG, an industry that was substantially built up to provide pipes and other equipment for the boom in shale gas and new oil drilling in the Gulf of Mexico before oil prices collapsed and companies curtailed drilling.