On January 7, 2015 2:54 pm
By: Rick Stouffer, Senior Energy Editor, Shale Energy Business Briefing
Crude Oil Price Swoon Fallout Spreading to Product Vendor Giants; US Steel Idling Plants
US Steel on Tuesday, Jan 6, said it will idle pipe and tube manufacturing plants in Ohio and Texas and lay off 756 workers — one of the first big domestic industrial casualties of the recent price collapse in crude oil.
With crude prices at more than 5½-year lows and hovering around $50/Bbl, producers have much less incentive to drill for new supply, reducing demand for the plants’ products.