This morning in metals news, U.S. Steel plans to lay off hundreds at its Great Lakes facility, miner BHP released its financial results for the fiscal year and copper prices pull back.
Layoffs Coming at U.S. Steel Plant
A new round of layoffs are coming at U.S. Steel, Reuters reported.
According to Reuters, the steelmaker said it plans to lay off fewer than 200 workers at its Great Lakes Works facility — located on the Detroit River in the Ecorse, Michigan — and that the layoffs could last longer than six months.
The plant produces steel products used primarily by the automotive industry, including hot-rolled, cold-rolled and coated sheet steels.
BHP Announces Fiscal Year Results
For the fiscal year concluding June 30, 2019, Australian miner BHP announced underlying profit of $16.1 billion, about flat with 2018 ($16.0 billion).
The miner reported underlying EBITDA of $23.2 billion, also flat with 2018.
“Higher prices and record production from several of our operations contributed to strong operating cash flows,” CEO Andrew Mackenzie said. “We used that cash to invest in attractive growth projects, advance our exploration programs and increase returns to shareholders. We now have six major projects under development in petroleum, copper, iron ore and potash, following the approval of the Ruby oil and gas development this month. All of them are on schedule and budget.”
Copper Price Falls
Copper prices dropped Tuesday, depressed in part by lower Chinese demand, Reuters reported.
Benchmark LME copper was bid down 0.8% on Tuesday, down to $5,736 per ton, according to Reuters.