US Steel announced Tuesday that it will temporarily idle tubular operations at its Lorain, Ohio and Houston, Texas facilities, resulting in 756 layoffs.
Falling oil prices were cited as the reason behind the layoffs, which will begin March 8 and continue through May.
In a letter addressed to the president of the United Steel Workers union, US steel wrote: “This action is a result of a decline in tubular market conditions, which is impacting demand for the plant’s products.”
Oil prices hit a five-year low Tuesday, falling under $50 a barrel, a situation compounded by oversupply of US-produced oil and gas.