Rising demand for steel has led U.S. Steel Corp. (IW 500/91) to restart production at an idled plant and call back employees, according to Industry Week.
Fueled by an agreement to supply iron-ore pellets to third-party customers, the Pittsburgh-based steelmaker said it will restart the Keetac plant in Keewatin, Minnesota, more than 18 months after the company idled the facility amid rising steel imports and falling prices. The company reportedly will call back about 202 employees from layoff as a result of the restart.
The move comes as the Bloomberg Americas Iron/Steel Index, which tracks 15 North and South American steelmakers, soared 86% in 2016, poised for the biggest annual rise since 2003. The measure climbed amid a 55% rally in prices for domestic hot-rolled coil and speculation that President-elect Donald Trump’s infrastructure plan will increase domestic demand.
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