United States Steel (X) - Get Report  plans to halt production and furlough about 200 workers at its Great Lakes, Mich., facility for at least six months.

The company filed a Worker Adjustment and Retraining Notification on Aug. 5 and expects to cut workers in the coming weeks, Reuters reported.

The Pittsburgh company cited softening demand and lower steel prices, reports say.

Layoffs are also planned for a plant in Gary, Ind., a United Steelworkers union official told Reuters. The company told the news service it currently doesn't expect any changes in job levels there.

Hot-rolled-coil prices are off 37% from their 2018 peak, Reuters reports. 

U.S. Steel's stock price has dropped 73% since March 1, 2018, when President Donald Trump announced his decision to crack down on foreign imports, the report said.

U.S. Steel has a dividend yield of 1.6%.

According to FactSet's 15-analyst survey, the stock has a consensus hold rating and price target of $14.38. It closed Tuesday off 1% at $12.31. 

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