Stelco to decrease product range
According to the statement released by Hamilton,
Canada-based steel producer Stelco Inc, the company will reduce its product range to increase quality of its products. Moreover, the company will sell or close its eight obsolete facilities.
Stelco officials stated that they will focus on Hamilton and Lake Erie steel operations and close or sell operations in Ontario and Quebec.
Moreover, through reducing its
production range, Stelco aims to focus on its unique products which differentiate the company from other producers.
Stelco will also invest in new facilities to become more competitive. Capital spending program will take between 18-24 months. The cost of the project is estimated to be between $360-465 million.