US Steel recalls

While it’s not supporting the thousands it once did in years past, US Steel has recalled some laid off employees, due to an increase in demand. We learned over the weekend that the Pittsburgh-based company has brought back a handful of former employees to their old jobs and Gary Howe, President of the Steelworkers local 10-05 union tells us that there could be more positive news coming in the future.

About 45 out of the 75 employees that were laid off during the Christmas season were given the call to get back to work this month. Howe says that the low Canadian dollar and rebounding American economy, particularly the automotive sector was factor in the recall.

This move couldn’t have been predicted after a rough 2015. The US Steel Canada court appointed monitor reported $144 million in losses that year, up 280%. Last month the company, which has been under creditor protection since 2014, launched a new process of selling off its assets.

Bloomberg business reported that several companies including Essar Steel Algoma in Sault Ste. Marie are interested in the company or its $1.5 billion in assets which includes 813 acres of land along the harbour.