Ivaco places its subsidiaries under bankruptcy protection

Ivaco places its subsidiaries under bankruptcy protection

As previously reported by SteelOrbis, Canadian longs producer Ivaco had gone under bankruptcy protection in mid-September due to financial difficulties. According to latest news, the company has placed its wholly-owned subsidiary Atlantic Steel Company and the affiliated mills under US' bankruptcy protection. The reason for such decision is taken upon the fact that, the mills are not operating and placing a mill in such condition under bankruptcy protection is part of restructuring process of the company.