US Steel announced Thursday that it will scale down production at its Kosice, Slovakia plant by reducing the work week by one day starting in January 2012, a reaction to the precarious economic environment in Europe.
Jan Baca, spokesman for US Steel Kosice, said in local news reports that the company reached an agreement with unions on a four-day working week, with workers getting 60 percent of their full wage for the free day.
US Steel, which operates plants in Serbia and Slovakia, announced in October that operating losses for its European segment increased to $50 million in Q3 2011 from an $18 million loss in Q2.