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Tag: Jobs

Trump tariffs spark ‘exciting time’ for Ohio steel plant as CEO eyes adding jobs, boosting productivity

FIRST ON FOX: President Donald Trump’s tariffs will be a boon for an Ohio-based steel mill and its employees, the CEO of JSW Steel USA, a subsidiary of a massive India-based steel manufacturer, told Fox News Digital in an exclusive interview.

“It’s a good piece of the formula that results in our company increasing utilization in the next 12 months, from 68% to probably 84%, and beyond that in years to come. So it’s a very exciting time for us,” JSW Steel USA CEO Robert Simon told Fox News Digital of Trump’s tariff plan in a phone interview on Thursday evening.

Simon has served as the CEO of JSW Steel USA since March of last year, bringing with him more than 30 years of experience in the steel industry. He spoke to Fox News Digital following Trump announcing his administration’s “fair and reciprocal plan on trade,” which he celebrated during a press conference as a project that will flood the U.S. with jobs as trading partners move their industries to U.S. soil to avoid tariffs.

JSW USA is a subsidiary of Mumbai-headquartered JSW Group, which owns India’s second-largest private steel company, JSW Steel. JSW USA has two steel locations in the U.S., one at Mingo Junction, Ohio, and another operation in Baytown, Texas.

TRUMP DETAILS HIS RECIPROCAL TARIFF PLANS, ASKS FOREIGN COUNTRIES TO ‘TREAT US FAIRLY’: ‘DELIVER RECIPROCITY’

JSW Steel USA CEO Robert Simon spoke with Fox Digital in an exclusive interview. (JSW Steel USA )

Simon told Fox News Digital that across his more than 30 years in the industry, U.S. steel manufacturers have complied with strict environmental and safety practices, and paid their employees fairly, while foreign steel manufacturers could skirt U.S. regulations while exporting their goods to the U.S.

“We, as steel producers, we paid our employees fair wages, treated them fairly, met some of the most – if not the most strict – environmental requirements in the world, and those practices in our markets, with the simple supply-demand equation establishes market pricing.”

The JSW Steel USA facility in Mingo Junction, Ohio. (JSW Steel USA )

“The frustration is, how is it fair that others that don’t treat their employees the same way, don’t follow the same rules, don’t follow environmental practices… they get government subsidies. How is it fair that they can come into our markets and take market share when it’s not an equal playing field?” he said.

Simon said the Ohio plant alone will likely see a minimum increase of 100 jobs in the next year under Trump’s tariff plan.

“As you look at that increase in utilization coupled with the overall increase in production that we foresee in the next three to five years, we estimate, at a minimum, a 100 jobs increase in the next 12 plus months associated with that utilization rate increase,” he said.

WHO GETS HIT HARDEST BY STEEL AND ALUMINUM TARIFFS?

Trump’s administration issued a fact sheet last week restoring a 25% tariff on steel, which detailed “domestic steel and aluminum industries and achieving sustainable capacity utilization of at least 80%.” JSW Steel USA told Fox News Digital that they are already on track to increase their utilization rate from 68% to 84% – higher than Trump’s target number of 80%.

Under the first Trump administration, JSW Steel USA notably sued the federal government in 2019 over tariffs regarding imported steel-slab materials. The company now makes all domestic steel-slab materials as part of the JSW Group’s belief that its facilities both make products and supply the product in the communities they serve.

President Donald Trump speaks at a rally at Circa Resort & Casino on Jan. 25, 2025, in Las Vegas. (Ian Maule/Getty Images)

Simon celebrated in his comments to Fox Digital that Ohio families that had long worked in the steel industry are making a return to the factory as the industry reinvigorates under the first and second Trump administrations. JSW USA purchased the Ohio factory in 2018, after it had operated as a Wheeling-Pittsburgh Steel plant, but sat dormant for years.

TRUMP ADVISOR TEASES NEW ‘GOLDEN AGE’ OF U.S. STEEL AND ALUMINUM

“This is a company that had been shut down for over seven years, when we acquired it. We hired a workforce, trained a workforce, all from the local area. What’s really cool to see is we’ve got employees whose grandparents and great-grandparents worked in this same company, which ended up being shut down, and they’re part now of reviving that company and bringing it to an offering of products that’s extremely competitive and extremely impressive in terms of its value added products,” Simon said.

Trump announced a reciprocal tariff plan on Thursday, tapping Howard Lutnick, his nominee for commerce secretary, to produce a report on reciprocal trade relations within 180 days. Lutnik said Thursday that he will have the report ready for Trump by April 1.

Howard Lutnick, commerce secretary nominee, joins President Donald Trump in the Oval Office of the White House on Monday, Feb. 10, 2025. (Al Drago/Bloomberg via Getty Images)

WHAT ARE TARIFFS, HOW DO THEY WORK AND WHO PAYS FOR THEM?

”On trade, I have decided for purposes of fairness, that I will charge a reciprocal tariff – meaning whatever countries charge the United States of America, we will charge them no more, no less. In other words, they charge us a tax or tariff and we charge them the exact same tax or tariff. Very simple,” he said at the White House on Thursday.

Trump touted that the plan will lead to a job boon in the U.S. as foreign trading partners move operations stateside to avoid the reciprocal tariffs.

“They can build a factory here, a plant or whatever it may be, here,” Trump said Thursday afternoon from the Oval Office. “And that includes the medical, that includes cars, that includes chips and semiconductors. That includes everything. If you build here, you have no tariffs whatsoever. And I think that’s what’s going to happen. I think our country is going to be flooded with jobs.”

Simon told Fox News Digital that Trump’s business and deal-making abilities are “obvious to everybody” as he whips through dozens of executive actions and orders in just a few weeks back in the Oval Office, remarking that it’s “pretty amazing.”

“It’s become obvious to everybody that Mr. Trump is not a politician, right, but, more of a business person stepping in and leading our country, from much more of a business perspective than as a career politician. Like it or not, for those folks that have different opinions, this results in very quick negotiations. I don’t think I’ve ever in my time here seen so much movement, so much decision-making, so many decisions being made in this shorter period of time since he’s been in office. It’s pretty, pretty amazing,” he said.

JSW USA purchased the Ohio factory in 2018, after it had sat dormant for years. (JSW Steel USA )

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Trump also met with Indian Prime Minister Narendra Modi on Thursday, and the two discussed trade, the economic relationship between India and the United States and military sales. The pair also “committed to drive opportunities for U.S. and Indian companies to make greenfield investments in high-value industries in each other’s countries,” including naming JSW’s operations at Texas and Ohio as a prime ongoing investment in the U.S., according to a joint statement from the two nations.

President Donald Trump and India’s Prime Minister Narendra Modi shake hands during a news conference at the White House, Thursday, Feb. 13, 2025. (AP Photo/Alex Brandon)

“The steel tariffs enacted by President Trump are a necessary step in leveling the playing field for American steelworkers and manufacturers. Foreign competitors fail to protect their workforce at the same safety standards, do not compensate them fairly, and produce steel that contributes to environmental degradation, all the while, seeking to flood the U.S. market, taking advantage of our strong economy, driving a collapse of our markets in the process,” Simon added in comment provided to Fox Digital.

February 16, 2025
US will be ‘flooded with jobs’ as foreign nations avoid tariffs, Trump says

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President Donald Trump said the U.S. will be “flooded with jobs” as foreign trading partners move industries to American soil to avoid tariffs.

“They can build a factory here, a plant or whatever it may be, here,” Trump said Thursday afternoon from the Oval Office. “And that includes the medical, that includes cars, that includes chips and semiconductors. That includes everything. If you build here, you have no tariffs whatsoever. And I think that’s what’s going to happen. I think our country is going to be flooded with jobs.”

Trump said U.S. consumers could see prices rise in the “short term” due to the tariffs, but that prices will lower and that industries across the board would benefit.

“And I think the farmers are going to be helped by this very much because product is being dumped into our country and our farmers are getting hurt very badly by the last administration,” Trump said. “The last administration hated our farmers, like, at a level that I’ve never seen before. I think our farmers are going to be helped. Jobs are going to be helped. But our farmers are going to be helped, our manufacturers are going to be helped.”

TRUMP SIGNS ‘RECIPROCAL’ TARIFF PLAN FOR COUNTRIES THAT TAX US GOODS

President Donald Trump said on Feb. 13, 2025, from the Oval Office that the U.S. will be “flooded with jobs” as foreign trading partners move industries to American soil to avoid tariffs. (Francis Chung/Politico/Bloomberg via Getty Images)

“And again, if somebody wants to come in, including the car companies, if they want to come in and build car plants, they’ll do it without tariffs. And therefore, prices won’t go up. There could be some short-term disturbance, but long term, it’s going to it’s going to make our country a fortune,” he added.

FENTANYL’S FINANCIAL GRIP ON US SKYROCKETED TO $2.7T AT HEIGHT OF BIDEN ADMIN: STUDY

Trump announced on Thursday that he will impose “fair and reciprocal” tariffs on all major U.S. trading partners.

The plan includes tapping Howard Lutnick, Trump’s nominee for commerce secretary, to produce a report on reciprocal trade relations within 180 days. Lutnik said Thursday that he will have the report ready for Trump by April 1.

The plan includes tapping Howard Lutnick, President Donald Trump’s nominee for commerce secretary, to produce a report on reciprocal trade relations within 180 days. (Al Drago/Bloomberg via Getty Images)

“On trade I have decided for purposes of fairness, that I will charge a reciprocal tariff – meaning whatever countries charge the United States of America, we will charge them no more, no less. In other words, they charge us a tax or tariff and we charge them the exact same tax or tariff. Very simple,” Trump said at the White House of the tariff plan.

President Donald Trump said U.S. consumers could see prices rise in the “short term” due to the tariffs, but that prices will lower and that industries across the board would benefit. (Getty Images)

Trump’s reciprocal tariff announcement follows him leveraging tariffs against Mexico, Canada and China earlier in February. The tariffs were created in light of “extraordinary” threats stemming from “illegal aliens and drugs, including deadly fentanyl,” according to Trump’s executive order authorizing the tariffs.

Trump’s order authorized tariffs through the new International Emergency Economic Powers Act. It included 25% tariffs on imports from Canada and Mexico and a 10% tariff on imports from China. Energy resources from Canada would have a lower 10% tariff.

TRUMP IMPOSES TARIFFS ON IMPORTS FROM CANADA, MEXICO AND CHINA: ‘NATIONAL EMERGENCY’

President Donald Trump signed an executive order on Feb. 1, 2025, authorizing tariffs on Mexico, Canada and China through the new International Emergency Economic Powers Act. (Donald Trump 2024 campaign)

Both Canada and Mexico agreed to concessions with Trump the day before the tariffs were set to take effect, pledging to send additional security personnel to their respective borders with the U.S. Trump agreed to pause the tariffs on the two nations for one month in light of the border security concessions.

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China, on the other hand, imposed tariffs on some U.S. imports in response to Trump’s tariffs.

Fox News Digital’s Greg Norman contributed to this report.

February 13, 2025
8 inspectors general fired by Trump sue to get jobs back

Eight former inspectors general fired by President Donald Trump filed a lawsuit to get their positions back. In the complaint, the inspectors general claimed that their “unlawful and unjustified purported termination” constituted interference with their “non-partisan oversight duties.”

While President Trump has the authority to remove inspectors general, he did not give Congress the mandatory 30-day minimum notice ahead of removing those who launched the complaint. The eight former inspectors general say that the president also failed to provide a “substantive, case-specific rationale” for their removal.

The complaint, which details the backgrounds of the former inspectors general, insists that “until and unless” President Trump “lawfully removes” the plaintiffs from their positions, they remain “duly appointed” inspectors general.

President Trump removed inspectors general in his first term and gave Congress the required 30 days’ notice, which the complaint acknowledges.

President Donald Trump speaks to reporters in the Oval Office of the White House on Feb. 03, 2025 in Washington, D.C. (Getty Images)

INSPECTOR GENERAL DISMISSED BY TRUMP CALLS MASS FIRINGS A THREAT TO DEMOCRACY

The inspectors general dismissed by President Trump served in several departments, including the Defense Department, the State Department, the Energy Department, the Department of Housing and Urban Development and the Department of Veteran Affairs.

According to the complaint, each of the inspectors general were notified of their termination in what it classifies as “substantively identical” emails. The notices allegedly stated that they were terminated “effective immediately” due to “changing priorities.”

The firings, which occurred last month, were met with criticism from both Democrats and Republicans. In a letter to President Trump signed by several Democrats and one Republican, lawmakers expressed “grave concern” over the firings, saying they were done “unlawfully and arbitrarily.”

“Your actions violate the law, attack our democracy, and undermine the safety of the American people,” the letter reads.

Sen. Chuck Grassley, R-Ia., a key player in the president’s party, called on Trump to provide a “lawfully-required substantive rationale” for the firings.

Grassley, who serves as the Senate Judiciary Committee chair, and Sen. Dick Durbin, D-Il., the committee’s Ranking Member, sent a letter to President Trump urging him to reveal the reasons behind the firings so Congress and the public could be sure that the action was taken due to “real concerns.”

President Donald Trump signs executive orders in the Oval Office of the White House in Washington, D.C., on Jan. 20, 2025. (Getty Images)

WHITE HOUSE PRESS SECRETARY DEFENDS TRUMP’S FIRING OF INSPECTORS GENERAL

Shortly after his firing, Mike Ware, who served as the chair of the Council of Inspectors General on Integrity and Efficiency, called the firings a “threat to democracy.” Ware is one of the former inspectors general who filed the complaint.

“We’re looking at what amounts to a threat to democracy, a threat to independent oversight and a threat to transparency in government. This is no doubt. The statute isn’t just a technicality, it’s a key protection of IG independence is what it is,” Ware told MSNBC’s “Ana Cabrera Reports” back in January.

President Donald Trump speaks to reporters aboard Air Force One en route from Miami to Joint Base Andrews, Md., on Jan. 27, as White House press secretary Karoline Leavitt listens. (AP/Mark Schiefelbein)

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White House Press Secretary Karoline Leavitt defended the mass firings last month, saying the Trump administration would “win in court” when asked if the actions would survive a legal challenge. President Trump said the firings were “a very common” and “a very standard” practice, which the former inspectors general deny in their complaint.

Rachel Wolf is a breaking news writer for Fox News Digital and FOX Business.

February 13, 2025
US economy added 143,000 jobs in January

Crossmark Global Investments CEO and CIO Bob Doll unpacks the state of the U.S. economy on Maria Bartiromos Wall Street.

The U.S. economy added jobs at a slower pace than expected in January, as the Federal Reserve remains in a holding pattern for interest rate cuts as it evaluates the labor market and inflation data.

The Labor Department on Friday reported that employers added 143,000 jobs in January, below the estimate from LSEG economists.

The unemployment rate came in at 4%, coming in lower than economists’ expectations.

The number of jobs added in the prior two months were both revised, with job creation in November revised up by 49,000 from a gain of 212,000 to 261,000; while December was revised up by 51,000 from a gain of 256,000 to 307,000. Taken together, 100,000 more jobs were created in those two months than previously reported.

This is a developing story. Please check back for updates.

February 7, 2025
Trump reveals slew of picks for big jobs

President Donald Trump on Thursday announced a slew of picks for big jobs, including director of the U.S. Marshals Service and three ambassadors.

In a post on Truth Social, Trump announced Gadyaces “Gady” Serralta will serve as the next director of the United States Marshals Service.

“Gady is a lifelong public servant, with 34 years of Law Enforcement experience,” Trump wrote. “I nominated him in my First Term to serve as the U.S. Marshal for the Southern District of Florida, and he has done an incredible job for the past six years.”

Serralta previously served as a major for the Miami-Dade Police Department and as police chief in Palmetto Bay, Florida, Trump said.

‘LIES AND SMEARS’: TULSI GABBARD RAILS AGAINST DEM NARRATIVE SHE’S TRUMP’S AND PUTIN’S ‘PUPPET’

Gadyaces S. Serralta will serve as the next director of the United States Marshals Service. (US Marshals Service)

“Gady will work with our GREAT Attorney General Pam Bondi to make sure that we restore Law and Order, and Make America Safe Again,” Trump wrote.

The president also announced a number of ambassadors, including Thomas Rose, who will serve as the United States ambassador to Poland.

President Donald Trump in the Oval Office of the White House Feb. 4, 2025, in Washington, D.C. (Getty Images)

“Thomas is a highly respected businessman and commentator, who had a successful radio show on Sirius XM for almost a decade, and served as the Publisher and CEO of The Jerusalem Post,” Trump wrote. “He will make sure our interests are represented in Poland, and always put America First.”

The Jerusalem Post reported in 2016 that Rose was former Vice President Mike Pence’s “longtime friend and unofficial surrogate.”

Former Vice President Mike Pence (Siavosh Hosseini/SOPA Images/LightRocket via Getty Images)

Michael E. Kavoukjian will serve as the next United States ambassador to Norway, Trump announced.

“Michael is a brilliant attorney, who currently serves as a Senior Partner at White & Case, where he has led complex commercial litigation teams around the World,” Trump wrote.

Kavoukjian previously worked as a CIA operations officer and is a graduate of Stanford University and Harvard Law School, Trump said.

Trump announced Melinda Hildebrand, wife of billionaire businessman Jeffery Hildebrand, will take over as United States ambassador to Costa Rica.

Houston Chronicle Chairman Jack Sweeney, left, shakes hands with Hilcorp Energy Co. founder, Chairman and CEO Jeffery Hildebrand. (Nick de la Torre/Houston Chronicle via Getty Images)

“Melinda is an incredibly successful businesswoman and philanthropist,” Trump wrote. “She will fight tirelessly to protect America’s Interests abroad, especially in Trade and Immigration.”

Hildebrand is the vice chair of the Hildebrand Foundation, vice president of Hilcorp Ventures Inc. and president and owner of River Oaks Donuts.

RFK JR’S CONFIRMATION HEARING GOES OFF RAILS AMID MULTIPLE CLASHES WITH DEM SENATORS: ‘REPEATEDLY DEBUNKED’

Nicholas Merrick will serve as United States Ambassador to the Czech Republic.

“Nicholas is a highly respected businessman and teacher, who leads Kenny and Lisa Troutt’s $1.6 Billion family office,” Trump wrote.

He was previously the CFO of two publicly traded telecommunications companies and has served on several large pension boards.

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Merrick received his Bachelor of Science degree from the University of Virginia and an MBA from Harvard University.

As of Wednesday, 11 of Trump’s Cabinet nominees have been successfully confirmed by the Senate.

Alexandra Koch is a breaking news writer for Fox News Digital. Prior to joining Fox News, Alexandra covered breaking news, crime, religion, and the military in the southeast.

February 7, 2025
US workers staying put as fewer quit their jobs

Professional Capital Management founder and CEO Anthony Pompliano argues tariffs dont cause inflation, they incentivize domestic production on Varney & Co.

The great resignation appears to have come to an end as more Americans are staying put in their jobs.

A business looking to hire workers on May 5, 2023, in Miami, Florida. (Joe Raedle/Getty Images / Getty Images)

The number of U.S. workers that quit their job in 2024 tumbled 11% in 2024 to 39.6 million from the year before, according to Labor Department data released this week and analyzed by The Wall Street Journal.

PRIVATE SECTOR ADDS 184K JOBS IN JANUARY, ABOVE EXPECTATIONS, ADP SAYS

The outlet noted that is 22% less than in 2022, when the post-pandemic great resignation was at its peak.

A “now hiring” sign is displayed on a shop on Oct. 21, 2022, in New York City. (Leonardo Munoz/VIEWpress / Getty Images)

Although the labor market is still strong, with layoffs remaining low, work opportunities are becoming scarcer for those who are unemployed. The government reported on Tuesday that there were 1.1 job openings for every unemployed person in December, down from a high of two in March 2022.

WALMART TO CUT JOBS, RELOCATE SOME EMPLOYEES TO MAIN HUBS

Though business sentiment perked up in the aftermath of President Donald Trump’s victory in November, hiring plans have remained lackluster amid expectations that demand will slow this year because of still-restrictive monetary policy and high prices from tariffs.

Former Arkansas Gov. Mike Huckabee reacts to President-elect Donald Trump’s Mar-a-Lago news conference on ‘The Evening Edit.’

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The Labor Department’s nonfarm payrolls report that is due on Friday morning is expected to show an increase of 170,000 jobs added in January, down from the much larger than anticipated gain of 256,000 in December.

Reuters and FOX Business’ Matthew Kazin contributed to this report.

February 6, 2025
Private sector adds 183,000 jobs in January, above expectations, ADP says

Crossmark Global Investments CEO and CIO Bob Doll unpacks the state of the U.S. economy on ‘Maria Bartiromo’s Wall Street.’

Companies in the private sector added 183,000 jobs in January, payroll processing firm ADP said on Wednesday.

The figure is above economists’ estimates of 150,000 jobs and also more than the prior month’s reading of 122,000.

“We had a strong start to 2025 but it masked a dichotomy in the labor market,” said Nela Richardson, ADP’s chief economist. “Consumer-facing industries drove hiring, while job growth was weaker in business services and production.”

This is a developing story. Please check back for updates.

February 5, 2025
Walmart to cut jobs, relocate some employees to Arkansas, California hubs

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Exclusive: Walmart – the nation’s largest private employer – is eliminating hundreds of roles and closing one of its North Carolina offices as it continues to pull workers back to its main hubs in California and Arkansas, according to an internal memo seen by FOX Business on Tuesday.

Walmart Chief People Officer Donna Morris said in the memo sent to employees that the company is cutting roles and asking office-based employees in Hoboken and some of its smaller offices to relocate to the company’s newly opened headquarters in Bentonville, Arkansas, as well as its office in Sunnyvale, California.

WALMART CHANGING TITLES, PAY STRUCTURE FOR CORPORATE STAFF

“We are making these changes to put key capabilities together, encouraging speed and shared understanding,” Morris said in the memo. “Through this review process, we have eliminated some roles as we streamline how we work.”

Walmart didn’t specify how many people will be affected, as the employees who are being asked to relocate will have at least a month to inform the company if they plan to move to the main hubs.

SOME WALMART MANAGERS GET PAY BUMP, PUSHING COMPENSATION OVER $600K

A shot of Helen’s Amphitheater on Walmart’s new campus in Arkansas. (Walmart)

The decision announced on Tuesday is part of a broader relocation strategy unveiled in May 2024, when Walmart initiated the first phase of relocating employees by asking staff from offices in Dallas, Atlanta and Toronto to move to Walmart’s corporate headquarters in Bentonville, its Hoboken, New Jersey, office or its California location. Any employees still working remotely at that time were also called back to the office.

Walmart began requiring workers to return to the office in February 2022, saying it boosts collaboration, innovation and faster work processes, while also strengthening company culture.

WALMART OPENS MASSIVE FITNESS CENTER ON ARKANSAS CAMPUS

As the corporate world began to ditch remote work, Walmart constructed a new 350-acre campus in Bentonville, where it opened office buildings last month. The campus has 12 office buildings, along with amenity buildings, parking decks and surface lots.

Pedestrians with bicycles at the main downtown square in Bentonville, Arkansas, on Nov. 21, 2022. (Terra Fondriest/Bloomberg via Getty Images / Getty Images)

The company is also opening new office spaces in Sunnyvale and Bellevue, Washington, while expanding its office in Hoboken and its fashion office in New York City.

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“Our values and culture are strategic differentiators for us as a company, and they are fostered by being together,” Morris said in the memo. “We’ve already seen the benefits of having more teams working together in person, and today we are sharing another step that will help accelerate our momentum.”

Ticker Security Last Change Change %

WMT WALMART INC. 100.74 +1.20 +1.21%

Morris said the company will help affected employees “navigate the path forward, including providing relocation support or severance.”

February 4, 2025
Estee Lauder trimming its workforce by up to 7,000 jobs

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Estee Lauder announced on Tuesday that it plans to slash up to 7,000 positions from its workforce.

The cosmetics company said it will eliminate a net of 5,800 to 7,000 roles as it unveiled an updated “profit recovery and growth plan” and released its second-quarter financial results on Tuesday.

The number of affected positions, up from the up to 3,000 positions it detailed last year, “takes into account the elimination of positions after retraining and redeployment of certain employees in select areas,” Estee Lauder said.

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The company said it has “realized more net benefits” from its turnaround plan “than expected” through its fiscal second quarter, but those have been “more than offset by sales volume deleverage, investments to restore sustainable growth, and inflation,” prompting the company to bolster its “profit recovery and growth plan” and the restructuring program within that.

A couple walks by an Estee Lauder store in Kuala Lumpur, Malaysia, on Oct. 3, 2024. (Faris Hadziq/SOPA Images/LightRocket via Getty Images / Getty Images)

The company expects to incur restructuring and other charges totaling between $1.2 billion and $1.6 billion, before taxes, by the time it completes the restructuring.

It projected the restructuring will bring annual pre-tax gross savings in the $800 million to $1 billion range, funds that Estee Lauder said will “help restore operating margin and also fuel reinvestment in consumer facing areas to drive sustainable sales growth.”

Ticker Security Last Change Change %

EL THE ESTÉE LAUDER COMPANIES INC. 69.05 -13.74 -16.60%

The expansion of the overall turnaround plan seeks to bring the cosmetics company back to sales growth, pave the way for “solid double-digit adjusted operating margin over the next few years” and help it “continue to manage external volatility, such as potential tariff increases globally,” Estee Lauder said.

THE HISTORY OF ESTEE LAUDER, ONE OF THE WORLD’S LEADING COSMETICS BRANDS, BEGINNING WITH AN $800 SALE

Actions the company said it will take include “further consolidating spending and strategically re-evaluating key supplier relationships” in its procurement, minimizing excess inventory and product destruction through improved supply chain efficiencies, and outsourcing “select services to proven global partners.”

Estee Lauder is looking to finish its “profit recovery and growth plan” in fiscal 2027, with many of the measures slated to be carried out in fiscal 2025 and 2026, according to the company.

In this photo illustration, The Estee Lauder company logo is seen displayed on a smartphone screen. (Piotr Swat/SOPA Images/LightRocket via Getty Images / Getty Images)

“While we recognize there is much work to do, we are confident that Beauty Reimagined is the way to realize our ambition,” CEO Stephane de La Faverie said in a statement.

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The news of the workforce reduction and its second-quarter results sent shares of Estee Lauder down over 17% on Tuesday.

The company is known for brands such as Mac, Clinique, Too Faced and Bobbi Brown.

February 4, 2025
NBC News cuts 40 jobs, leading to rebuke by union

Fox News contributor Joe Concha takes a closer look at a tense, on-air exchange between Chuck Todd and Sen. Ron Johnson, R-Wis,, on ‘The Evening Edit.’

NBC News conducted a round of layoffs on Thursday, leading to swift backlash from union staffers who say the action is illegal.

NBC Digital NewsGuild and The NewsGuild of New York strongly condemned management’s announcement Thursday, calling the move a clear disregard for workers’ rights, in a press release shared with Fox News Digital. Business Insider reported that NBC laid off about 40 employees, while creating about 12 new jobs that cut workers could apply for as the division makes a shift to growth areas.

The union said laying off Guild-represented workers amidst negotiations for a first contract is illegal.

The union believes the layoffs are illegal under federal labor law. (Getty Images)

“NBC News management has demonstrated a complete disregard for labor law and the demands of its unionized employees,” Carlin McCarthy, first vice chair of the NBC Guild and segment producer of NBC News NOW’s Top Story with Tom Llamas, told Fox News Digital. “We refuse to cower down to their callous and morally bankrupt behavior. We will fight for, and win, a fair contract.”

NBC UNION PROJECTS GRAPHICS ON 30 ROCK ACCUSING LEADERSHIP OF STALLING ON CONTRACT

The NBC Digital NewsGuild represents almost 300 reporters, editors, designers, video journalists, animators, social media strategists and editorial staff, who have been negotiating its first contract since the group unionized in 2019. Any changes to members’ working conditions during negotiations, including layoffs, must be bargained back and forth under federal labor law, the union argues.

“NBC News execs are living in a fantasy where federal law doesn’t apply to them and the newsroom just rolls over without a fight,” Tate James, documentary video editor and unit chair, said. “It’s time to wake up.”

FAILED NEGOTIATIONS RESULTED IN UNION MEMBERS WALKING OUT ON THE JOB AT NEWS OUTLETS IN 2024

The NewsGuild of New York has filed unfair labor practice charges against NBC in regard to layoffs in 2023 and 2024 (Getty Images)

The NewsGuild of New York has filed unfair labor practice charges against NBC in regard to previous rounds of layoffs that occurred in 2023 and 2024, the press release states. The charges are still pending before the National Labor Relations Board.

“We are evaluating all options and expect NBC management to bargain in good faith on these proposed layoffs as they are required by law,” Susan DeCarava, president of The NewsGuild of New York, said.

The NewsGuild of New York, Local 31003 of the Communications Workers of America, is a labor union representing nearly 6,000 media professionals and other employees at New York area news organizations, including The New York Times, The New Yorker, Thomson Reuters and ProPublica.

CNN also announced plans to lay off 6% of its workforce this week. The long-awaited move eliminated 200 jobs as a result.

Fox News Digital reached out to NBC News for comment.

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January 24, 2025