Canadian Ivaco cuts 78 more jobs this week

Canadian Ivaco cuts 78 more jobs this week

According to Canadian steel maker Ivaco's statement, the company is going to terminate 78 workers' employment at its plants in Ontario and Quebec with 49 and 29 jobs respectively. It is reported that both figures account to 17% of the total workforce in aforecited plants. The job cuts effected since Ivaco's bankruptcy filing on September 16, due to unfavorable market conditions, until now will equal to almost 200 workers. The company is restructuring under Companies' Creditors Arrangement Act (CCAA) since September 16.