Slater Steel to Temporarily Close 2 Plants

Following Slater Steel’s decision to restructure under Chapter 11 Bankruptcy protection, followed by a net loss of $44 to $50 million in Q2 2003, they will undertake a significant restructure of their stainless bar activities.

The restructure involves the temporary shutdown of:

  • Fort Wayne Specialty Alloys in Indiana, USA
  • Atlas Specialty Steels in Ontario, Canada

These temporary closures will impact approximately 830 employees, while feedstocks will be sourced from third parties.

Other reasons for these plant closures include weak demand, high import penetration and increased competitiveness, driving prices down. The company also viewed the shutdowns as critical to their restructuring activities.

The closures are expected to take place some time in Q3 or Q4, 2003, with dates to be confirmed.

For more information on stainless steels, click here.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Submit