It took ten months, but the economy has finally caught up with the steel industry, and the timing couldn't be worse.
Keewatin Taconite, in Keewatin Minnesota, just announced that it will be laying off roughly 400 employees in the next 48 hours. these layoffs include the 60 management positions at the plant.
KeeTac, which is owned by US Steel, is just one of three plants that will be closing due to low demand for rolled steel in the auto, appliance, and construction industries. All told, roughly 3,500 US Steel employees will be out of a job.
The two other plant closures are Great Lakes Works near Detroit, and Granite City Works near St. Louis.
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