A massive company in Illinois now announces surprising layoffs as approximately 1,000 employees fear for their financial future.
U.S. Steel issued around 1,000 employees a Worker Adjustment and Retraining Notification (WARN) Act notice advising they might be laid off.
It anticipates that about 60 percent of those workers would permanently lose their jobs.
Workers learned of the decision in an email from U.S. Steel Senior Vice President & Chief Manufacturing Officer Scott Buckiso that was sent out Tuesday morning.
The following announcement was made by the company:
“U.S. Steel has indefinitely idled Granite City’s primary operations and will meet customer demand by leveraging the company’s active iron and steelmaking facilities.
We thank our employees for their contributions and will keep them informed throughout this process,” said Company spokeswoman, Amanda Malkowski.
Illinois state Sen. Erica Harriss, the granddaughter of a steelworker, criticized the move.
“Excuses for the closures will offer little comfort to the people who rely on these good-paying jobs to support their families.
Our community helped build this company over generations. U.S. Steel is turning its back on our workers, our community, and our state,” said Illinois state Sen. Erica Harriss.
U.S. Rep. Nikki Budzinski, D-Springfield, who represents the area, also questioned the reasons for the move.
“It’s clear that these layoffs, were never about the market and always about targeting organized workers. U.S. Steel must be held accountable.”
So far for 2023, there has been approximately 22,790 layoffs in Illinois across 123 businesses according to the latest WARN data.
California remains the #1 state with the most layoffs in the country.
Other Economy News Today
Wells Fargo will now close a surprising 35 branches soon which has left customers bewildered over their future banking.
“Wells Fargo is closing more than 35 bank locations within months – and customers are fuming,” reports The-Sun.
The bank has announced it will be shutting up shop at two more branches, one in Chicago, Illinois, and the other in Forest Hills, New York.
In September, the institution closed 25 locations, while another 15 shut down in October.
As of November 18, they have closed an additional 21 branches and are expected to carry out four more shutdowns next month.
Many took to X, formerly Twitter, to voice their concern over the string of closures.
“Damn. They closing the Wells Fargo on Grace Street,” one user said.
“That’s kinda crazy to me.”
Another weighed in: “I have been a Wells Fargo customer for twenty years.
“I will be closing all of my accounts now.”
The bank closed the shutters on its store in Richmond, Virginia, on October 28 and its Charlottesville and Sheboygan, Wisconsin branches on November 1.
It comes after around 1,000 Wells Fargo branches closed in 2022, according to the Wells Fargo 2022 annual report.
“The raft of closures was part of a $10 billion expense-reduction program that has seen almost 50,000 workers lose their jobs and a 6 percent reduction of branches.”
Along with branch closures, there have been scores of bank failures across the States.
The U.S. Sun recently reported that Georgia, Florida, and Illinois are the three states with the highest number of failures between 2000 and 2023.
Illinois has had 69 closures and Florida has had 76 in that time, according to a report from MyeListingcom.
Georgia topped the list with 93 bank failures since the start of the millennium.
Banks are increasingly investing more in their online platforms, as more customers are opting for online banking.
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