Tyson Foods Cuts Beef Production, Affecting 5K Workers

Tyson Foods, a significant player in the meat industry, is undergoing substantial changes in its beef operations. The company is closing one beef plant in Nebraska and reducing production at another in Texas, impacting around five thousand workers. This decision comes amidst industry challenges such as limited cattle supply and rising prices, with Tyson expecting a loss of up to six hundred million dollars in its beef business this fiscal year. The government has also taken steps to address food prices, including cutting tariffs on food items and investigating potential price inflation by meatpacking companies. Tysons recent quarterly report showed a seventeen percent increase in beef prices and an eight percent decrease in sales, attributed to record-low cattle supplies due to drought and other factors.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.