Tyson Foods will close a beef plant in Lexington, Nebraska, with about 3,200 employees after U.S. cattle supplies dropped to their lowest level in nearly 75 years, the meatpacker said Friday.

Supplies are expected to remain tight for at least the next two years, forcing meatpackers like Tyson and rivals JBS USA and Cargill to pay steep prices for cattle to process into steaks and hamburgers.

Beef prices have set records due to low supplies and strong demand, raising costs for consumers. U.S. President Donald Trump said last month that he was working to bring down beef prices.

Tyson said it will also reduce operations at a beef plant in Amarillo, Texas, to a single, full-capacity shift, affecting about 1,700 workers. The company will increase production at other facilities to meet customer demand, according to a statement.

"Tyson Foods recognizes the impact these decisions have on team members and the communities where we operate," the statement said.