WCI Steel announced that they will be idling their silicon electric steel line effective, January 31, 2004. WCI have been in Chapter 11 bankruptcy protection since September 16.
The company has sited reduced production volumes and negative profit margins. Lower production levels and hence reduced profit margins have been attributed to the use of alternative materials and the relocation of customers to Asia and Mexico. With no sign of improvement in market conditions, the shut down of the silicon steel production line was inevitable.
Silicon steel is used in the production of such things as motors, generators and transformers.
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