Stelco announces closure of its Rod Mill

Stelco announces closure of its Rod Mill

According to the statement released by Hamilton, Canada-based steel producer Stelco Inc, the company will close its Rod Mill in September 2004 to focus on more profitable mills. Currently, 160 employees are working at the mill. Stelco is in negotiations with the union about the transition of the workers to other mills. Stelco officials stated that as a restructuring plant, Stelco should focus on production of more profitable products. Established in 1966, the Rod Mill produces coiled wire rod products of varying diameters. Due to changing market conditions, the mill has become unprofitable in recent years.