Slater Steel will close its mills
Canada's Slater Steel, in the framework of the restructuring process while in bankruptcy protection, has announced that it will close its Fort Wayne specialty alloys mill in Indiana. The closure is expected to take effect in the first quarter of 2004, which will result in dismissal of 370 employees. The company has to seek US Bankruptcy Court approval to idle the entire Fort Wayne mill. In addition, Atlas Specialty Steel mill in Welland, Ontario is in the process of being idled. According to the notice released by the officials of the company, the closures will be implemented due to the company does not have sufficient liquidity to rely on huge losses. The company will also lay off 48 of the 65 employees of the Slater Lemont due to insufficient liquidity. Slater Steel posted $21 million losses in the second quarter of 2003.