Stelco is Canada's biggest steel producer
Canada's largest steel maker Stelco announced its decision to close down its Hamilton
plate mill by the beginning of April 2003. The reason is shown as the surge of low cost imported steel into the country, which leaves the producer unable to compete.
According to the statement by company officials, Hamilton mill has been experiencing lack of order which forced the company to reduce its operating rate down to 25%. The mill will continue its operations at low levels until the date of closure.
Meanwhile, Stelco announced implementation of a price increase of C$45/ton for its hot rolled, cold rolled and
coated sheet products being effective from March 31, 2003. The new pricing will effect deliveries to
automotive and
construction industries.