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.
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