Coronavirus: Tyson cutting prices on red meat

Amid a recent surge in beef prices, Tyson is cutting prices on its red meats at grocery stores this week.

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Tyson is lowering the price of beef by 20 to 30% this week in a move to keep it affordable, The Wall Street Journal reported.

“We’re doing this because we want to help keep beef on family tables,” Noel White, the company’s chief executive, told the Journal.

Prices for meats have also spiked over concerns the nation’s meat supply is dwindling.

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Coronavirus outbreaks temporarily shutdown meatpacking plants across the country causing a 28% reduction in production during the same period last year, the Journal reported.

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The Arkansas company processes about 20% of the nation’s beef supply. Tyson, the nation’s largest meat company by sales, made about one-third of its $42.4 billion in sales last year from beef, the Journal reported.