Strike at Wabush Mines not to affect Stelco steel output

Strike at Wabush Mines not to affect Stelco steel output

According to a statement released by Canadian steelmaker Stelco Inc., the strike at Wabush Mines will not have an impact on Stelco's steel production. On July 5, 2004, 575 members of United Steel Workers of America (USWA) went on strike, causing the Wabush mine operations to idle. Wabush Mines, one of Stelco's raw material suppliers, is an iron ore operation in Labrador and Quebec jointly owned by Stelco (44.6%), Dofasco (28.57%), and Cliffs Mining (26.83%). Stelco officials announced that because the company has a secure supply from other mining operations in which Stelco has an ownership stake, its steel production will not be affected by the strike through the remainder of 2004. Stelco consumes roughly 5.3 million tons of iron ore pellets per year and owns significant iron ore properties in the U.S. and Canada to ensure its supply. Approximately 75% of its iron ore needs comes from its own sources and the balance is sourced from outside suppliers.