Slater Steel considers shutting down Atlas and Hamilton
Canadian specialty steel producer Slater Steel Inc. (SSI) which is under bankruptcy since June 2003 has reportedly made changes in its collective agreement. However these changes, that SSI claims to be necessary for the success of its restructuring plan, were opposed by
production and maintenance union membership at Atlas
Stainless Steel.
SSI, which couldn't succeed some conditions of its restructuring plan such as effecting material labor savings in Atlas
Stainless and Hamilton Specialty Bar, will need Ontario Superior Court's approval for the liquidation of the aforementioned two facilities. In case the approval is received, almost 830 workers will be dismissed.
Apart from the company's mentioned facilities, its mills in Illinois and Ontario will soon be idled and mini mill located in Lemont, Illinois will be sold.
SSI's bankruptcy protection will expire on January 30, 2004.