This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Kentucky Plant Closure Disrupts Workers' Lives

Area colleges, workforce development officials and government leaders are teaming up to try to limit the economic damage. Job fairs are being offered and plant workers are being surveyed to gauge their interest in retraining or starting their own businesses.

Other area plants can absorb some displaced workers, and the region recently lured three auto-related plants, said Chris Wooldridge, district director for the small business development center at Murray State University. He predicted that "a fair number" of workers will stay in the area.

"Can we find jobs for 1,100 folks? That's tough to take," he said.

Kentucky's top political leaders have been pushing the federal government to hasten cleaning up the plant and find a new operator to preserve jobs. They're also insisting that any work to re-enrich depleted uranium material at the plant remain at the Paducah facility.

Union leaders also have been calling for a "decontamination and decommissioning" project to retain the workforce. That work would remove processing equipment inside the enrichment buildings. The goal is to provide work for several years until a new operator can be found or new nuclear-related work can be secured.

Donald Overstreet, a sheet metal fabricator for 18 years at the plant, isn't sure what he'll do if he gets a pink slip. His 18-year-old son is starting college in the area and his 15-year-old son is starting high school. Overstreet would like to stay, but if he does, he's looking at taking a big pay cut.

"I'm just one of the unfortunate now that things are changing," he said. Then he reconsidered. "Really I can't look at it as unfortunate. It's a new beginning. You have to be positive, you have to move forward and you have to do what you have to do to provide for your family."

Barry King, a 56-year-old chemical operator at the plant, said he checked out a job fair recently. He left with a pile of brochures but no certain prospects. He said he might attend a technical college to get retrained.

3 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,265.65 -20.09 -0.11%
S&P 500 2,129.64 -1.18 -0.06%
NASDAQ 5,093.5560 +2.7620 0.05%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs