Slater Steel is closing two mills

Slater Steel is closing two mills

Canada's Slater Steel, in the framework of restructuring process while in bankruptcy protection, has announced that it will close its Fort Wayne specialty alloys mill in Indiana (US) and its Atlas specialty steel mill in Welland, Ontario (Canada) temporarily. The closures are expected to take effect by the end of 2003, which will result in dismissal of 830 employees. According to the notice released by the officials of the company, the closures will be implemented due to escalating losses and the challenge in the stainless bar market. The restructuring process will be influential on the duration of the closures. Meanwhile, Slater's Ontario mill entered bankruptcy protection in June 2003 and the officials have declared that the Q2 results, that are to be released at the end of August are expected to include report of a net loss of C$44-50 million (around US$34milllion). It is also reported that, stainless steel segments constitute the largest amount of the loss due to lower demand for bar products. The officials have also stated that, as a way out of bankruptcy protection, it is prepared to sell itself entirely.