Feb 7 2003
The tale of woe continues for the US steel industry with yet another company filing for chapter 11 bankruptcy under the US Bankruptcy Code. The latest victim is Kentucky Electric Steel.
The announcement of their petition came as no surprise after they defaulted on payments to noteholders and lenders late in January.
Following entering chapter 11 status, the company has shut down its specialty steel mini mill in Ashland. The closure has also meant the loss of jobs for 59 staff and 261 hourly workers.
The plant was producing steel bar flats for use in leaf spring suspension, cold drawn bar conversion, truck trailer support beam and steel service centre industries.
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