One of the largest steel manufacturers in the nation, U.S. Steel (X), has announced that it be laying off about 2,700 workers. The company warned that this number could reach many as 6,500 workers as steel and iron demand drops because of the coronavirus pandemic.

Based in Pittsburgh, U.S. Steel had closed most of its blast furnaces already, according to Bloomberg. The company is also reportedly looking to temporarily idle a blast furnace in Gary, Indiana, and one near Pittsburgh.

On Friday, U.S. Steel reported its first-quarter earnings, which were marred with a $391 million loss. The company had Q1 revenues of $54 million.

U.S. Steel did not say where the job cuts would occur, only mentioning that WARN notices would be filed for 6,500 employees with true layoffs around 2,700.

Meghan Cox, a company spokeswoman, told the news outlet that U.S. Steel will lay off an additional 1,000 workers in Europe, which is an acceleration of the previously announced job cuts because of the COVID-19 situation.

As of Dec. 31, U.S. Steel had about 27,500 employees.

Shares of U.S. Steel were down 2.41% as of 3:03 p.m. EDT on Friday.

U.S. Steel Tubes
A machine lifts seamless tubular products at the U.S. Steel Corporation plant in Lorain, Ohio. The company laid off 614 workers at the facility and about 140 more people at a plant in Texas as plunging crude oil prices reduce demand for certain steel products in 2015. U.S. Steel Corporation
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