Posted in | News | Ferrous Alloys and Metals | Energy | Iron and Steel

Bankrupt Laclede Steel Re-Open Doors

Oct 15 2003

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Bankrupt Laclede Steel, located in Alton, Illinois, USA has re-opened its doors with a new business plan under the new name of Alton Steel.

Laclede Steel declared bankruptcy 2 years ago, partly due to competition from overseas steel producers.

Since re-opening, they have managed to reduce their wages from $44/hr to $22/hr, but have added performance based bonuses and profit sharing option to ensure employees are handsomely compensated. They have also employed 135 people, with plans to employ 200 more in the near future.

In addition, they have learned from their mistakes and will now focus on profitable product lines such as bar steel stock. They will also do their melting at night to save on electricity costs.

For more information on steel manufacture, click here.

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