Slater Steel abandons restructuring program

Slater Steel abandons restructuring program

According to recent news in the market, Canadian steel producer Slater Steel has announced that it decided to quit its restructuring program at its divisions Atlas Stainless Steels in Quebec and Hamilton Specilaty Bar in Ontario, prefering to cut 830 jobs and slow down operations at the facilities. Slater Steel has been under bankruptcy protection since June 2003, as previously reported by SteelOrbis and plans to ask Ontario bankruptcy court on Friday to effect its new plan. An official from the company stated that, Slater Steel, as a group of steel divisions will not continue, adding that the company will operate Sorel Forge facility in Quebec while seeking a buyer. Sources report that two unions, United Steelworkers and the Confederation of National Trade Unions, do not approve Slater Steel's abandoning restructuring program. Slater Steel has recently completed the sale of its Lemont, Illinois facility for $9.5 million and also seeking for buyers for its Fort Wayne Specialty Alloys, Atlas Specialty Steels and Welland Ontario.