U.S. Steel Industry Feeling the Pinch as UAW Strike Cripples Auto Industry

U.S. steel industry hurting due to UAW strike against Detroit automakers, with steel prices and production falling.

U.S. Steel temporarily shut down a furnace due to strike, laying off over 200 workers. More shutdowns could follow if strike continues.

Around 25,000 of 150,000 UAW workers at Ford, GM, and Stellantis currently on strike, but union could expand strike nationwide.

Strike has already cost automakers hundreds of millions in losses; also hurting suppliers and reverberating to other industries.

Previous UAW strikes led to significant steel price declines, e.g. 16% drop in hot-rolled carbon steel during 2019 GM strike.