ArcelorMittal issues 60-day layoff notice to Georgetown mill employees

SteelOrbis has learned that ArcelorMittal has issued a 60-day notice notifying employees of the company's Georgetown, South Carolina wire rod production facility that temporary layoffs will be issued in two months, as the plant will temporarily shut down as of July 12 unless there is a dramatic turnaround in business.

The company cited high fixed costs and overseas competition as reasons for the shutdown, though it said it believes the mill will be idled for no longer than six months.

Some observers believe that a shutdown can still be avoided if the order backlog increases and/or if the local chapter of the United Steelworkers Union representing Georgetown agrees to certain cost reduction measures.