Canadian Ivaco cuts jobs under bankruptcy protection

Canadian Ivaco cuts jobs under bankruptcy protection

According to a report released by the leading North American steelmaker Ivaco yesterday, the company is planning to cut 115 jobs off at its plant in Marieville, Quebec where wire, galvanized wire and nails are produced. Besides, due to restructuring under the framework of Canada's Companies' Creditors Arrangement Act, annual capacity will be reduced down to 150'000 tons from 180'000 tons together with a change in production schedule. Ivaco went under bankruptcy protection due to financial difficulties last week.