Feb 25 2003
Following a surge in low priced steel plate imports, Stelco have decided to idle their plate mill in Hamilton, Canada. This action will take effect in April.
The increased volume of cheap imports resulted in Stelco reducing output from the plant to 25% of its capacity in August 2002 due to reduction in orders. The plant has since been operating at this level, which was uneconomic, leading the eventual decision to idle the facility.
The market has seen the volume of imports increase by 38% during the first eleven months of 2002. Of this, cheap imports have risen 102%, driving prices down 10%. Other markets such as cold rolled sheet, reinforcing bar, standard pipe and angles, shapes and sections are also being overrun by cheap imported materials, while officials refuse to acknowledge the affect of the imported materials on the local market.
For more information on steel manufacture, click here.