Up to 400 employees at Sault Ste. Marie, Ontario, Canada-based Essar Steel Algoma Inc. are facing layoffs as temporary layoff notices were issued to employees last week according to the company's spokesperson, Brenda Stenta.
The layoffs have been attributed to unfavorable market conditions as the company reported a net loss of $39.6 million for the July-September quarter.
Workers are expected to be called back to their respective locations "when market conditions improve."
The company is also said to be offering a retirement incentive program as an attempts to lessen the impact of the layoffs.