U.S. Steel Corp. just delivered a barrage of bad news, warning it will post a loss for the fourth-quarter, idle part of its Great Lakes Works near Detroit, lay off workers, cut its dividend, and ditch stock buybacks.

The U.S. industrial icon said there would be an adjusted loss of about $1.15 per share for the three months to Dec. 31, and it expects a full-year fully-diluted loss of 42 cents. The dividend will be reduced to 1 cent from 5 cents.

A significant portion of the Great Lakes Works operation will be idled indefinitely, starting with iron and steel-making facilities in April, and the hot-strip mill rolling facility before the end of 2020. Some 1,545 workers will get so-called adjustment notices, it said.

The announcement from the Pittsburgh-based company highlights the challenges facing the U.S. steel industry, even though its been protected by import tariffs erected by President Donald Trump. The company’s shares have sunk by about a quarter this year, hitting the lowest since 2016 in October.

“Current market conditions and the long-term outlook for Great Lakes Works made it imperative that we act now,” U. S. Steel Chief Executive Officer David B. Burritt said in a statement. Production currently at Great Lakes Works will be shifted to Gary Works in Indiana.

In October, U.S. Steel (X) announced it was buying almost half of rival Big River Steel LLC, owner of the newest flat-rolled steel mill in North America. “Acquiring the remaining stake in Big River Steel continues to be our top strategic priority,” Burritt said.