Weirton Steel axes further 250 jobs temporarily

Weirton Steel axes further 250 jobs temporarily

One of the US largest integrated steel producer Weirton Steel, announced yesterday that a further 250 jobs will be cut off temporarily under the framework of the agreement signed with the Independent Steelworkers Union. It is reported that it is almost obligatory to emerge from bankruptcy protection, filed in May this year, as it will reduce costs. Last week Weirton performed a temporary lay off of 85 workers. In case Weirton fails to sign a new collective bargaining agreement with the union until December 31 deadline, it will lose the chance to receive the $145 million loan through Emergency Steel Loan Guarantee Program as well as to exit from bankruptcy protection.