U.S. Steel has idled another oil country tubular goods (OCTG) steel plant in Houston, where 142 will be laid off. The facility generates more than 100,000 tons annually of steel pipes and tubes for oil and gas exploration and drilling. It is believed to be the second steel-producer casualty of the massive drop in oil prices this year, which fell as low as $48 a barrel yesterday reaching a 5-year nadir.
The first casualty was another U.S. Steel plant in Lorain, Ohio, idled yesterday. U.S. Steel has laid off a total of 756 workers at the 2 facilities.