Layoffs offered for 'small number' at Sparrows Point
The Sparrows Point steel mill in Baltimore County is offering temporary, voluntary layoffs to "a small number of its employees," said company spokeswoman Elizabeth "Bette" Kovach. She would not give a specific number of layoffs but said the company is still accepting volunteers. Russian steelmaker Severstal, which bought Sparrows Point in 2008, has been looking for ways to cut costs as its U.S. operations have dragged down earnings. The union that represents 2,500 employees at the plant received a draft proposal in the fall from Severstal detailing a restructuring that could impact as many as one-third of the jobs at the plant. No timeline was given for the restructuring, which would have to be negotiated with the union.
- Andrea K. Walker
New jobless claims rise less than expected nationally
The number of people claiming unemployment benefits for the first time rose slightly last week, after two weeks of sharp drops, further evidence that layoffs are easing. The Labor Department said Thursday that initial claims for jobless benefits rose by 1,000 to a seasonally adjusted 434,000 last week. That's lower than the 447,000 that analysts expected, according to Thomson Reuters. The four-week average of claims, which smooths fluctuations, fell for the 18th straight week, to 450,250. That figure is nearing the roughly 425,000 that many economists say would be a sign the economy will start creating jobs. Economists are closely watching initial claims, which are considered a gauge of the pace of layoffs and an indication of companies' willingness to hire new workers.
- Associated Press
Construction begins on City Arts housing for artists
Construction has begun on the City Arts housing for artists, a $15 million development at 440 E. Oliver St., part of the Station North Arts and Entertainment District. Consisting of 69 apartments for rent and eight town houses for sale, City Arts will be the first all-new housing project in the 100-acre arts district since a $1 billion "vision plan" was unveiled for the area in 2008. The development team includes Jubilee Baltimore; Homes for America; TRF Development Partners-Baltimore; Baltimoreans United in Leadership Development; and the Rouse Co. Foundation. According to Charles Duff of Jubilee Baltimore, a formal groundbreaking ceremony will be held this month or in early February.
- Edward Gunts