More train wreck examples: shortages in coke, idle steel plant (in a steel price bull market nontheless, lays off 800 workers:
Reuters
UPDATE - Weirton says temporary layoffs could reach 800
Thursday January 15, 1:36 pm ET
NEW YORK, Jan 15 (Reuters) - Bankrupt Weirton Steel Corp. (OTC BB:WRTLQ.OB - News) on Thursday said it could lay off as many as 800 workers as it suspends operations disrupted by a coke shortage.
The steelmaker, based in Weirton, West Virginia, said the temporary layoffs, of both union and management employees, will start Jan. 17 and continue through at least February. The company also said it is reducing several operations, including idling one of the company's two blast furnaces.
Coke, a form of processed coal, fuels blast furnaces used in steelmaking.
The company said the larger of its two blast furnaces will be idled on Feb. 1 for about two weeks, during which time the company will make repairs to the furnace. Once that furnace is restarted, Weirton's other furnace will be temporarily shut down.
Weirton's primary coke supplier, U.S. Steel Corp. (NYSE:X - News), has had to reduce coke shipments following a fire at a West Virginia coal mine that had supplied coal to U.S. Steel's cokemaking operations. |
