Stelco reports cyberattack, temporarily suspends steel production

Monday, 26 October 2020 18:52:12 (GMT+3)   |   San Diego

Hamilton, Ontario-based Stelco Holdings Inc. announced over the weekend that it was subject to a criminal attack on its information systems.

In response, Stelco said it immediately implemented countermeasures in accordance with established cybersecurity procedures and policies that have been developed in collaboration with expert external advisors. The countermeasures taken were effective and limited the scope of the attack. Certain operations, including steel production, were temporarily suspended as a precautionary measure but have since resumed operations, the company said.

Stelco's team, in conjunction with industry-leading cybersecurity specialists and other advisors, continues to investigate the incident and extent of the impact on its systems. The company said it is implementing its back-up and recovery plans to fully re-establish its systems as quickly as possible and some business functions may be adversely affected during this recovery process.

Stelco said it will be cooperating with law enforcement authorities to investigate this crime. In addition to the continued development of industry-leading cybersecurity practices, Stelco said it is committed to utilizing all available means to protect its operations and customer, employee and business information. Stelco will continue to invest in its information technology networks and security to detect and minimize the risk of unauthorized activity in this age of ever-increasing and highly sophisticated information security threats.

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