Lockheed Martin To Cut 4,000 Jobs; Steel Billet Cash Price Up

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Lockheed Martin Corp is planning “to cut 4,000 jobs, or more than 3 percent of its worldwide workforce, to cope with declines in U.S. spending,” reports Reuters.

“The weapons maker will close operations in Akron, Ohio; Newtown, Pennsylvania; Goodyear, Arizona; and Horizon City, Texas, by mid-2015. The company said four buildings at its Sunnyvale, California, operation will also be shuttered.”

“The plant closures will eliminate 2,000 positions, Lockheed said, while “operational efficiency initiatives” will pare an additional 2,000 jobs in its information systems and global solutions, mission system and training and space systems business segments by the end of 2014.”

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On Wednesday, November 13, the day’s biggest mover was the steel billet cash price, which saw a 4.4 percent increase on the LME to $235.00 per metric ton. The steel billet 3-month price held steady on Wednesday on the LME, remaining around $235.00 per metric ton.

 

Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India were range bound. The price of Chinese HRC remained steady. The price of Chinese coking coal was essentially unchanged.

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Weakening prices followed two days of improvement as the 3-month price of the US HRC futures contract dropped 1.4 percent to $655.00 per short ton. The US HRC futures contract spot price remained essentially flat at $665.00 per short ton.