Oct 8 2003
Bankrupt Slater Steel announced that they have made significant progress towards restructuring their business, which may include the sale of certain assets.
Their new business plan does not currently take into account their stainless steel businesses, Fort Wayne Specialty Alloys and Atlas Specialty Steels. Both of these businesses are currently losing significant amounts of money.
In response to this they have decided to idle the Fort Wayne plant in Indiana, impacting some 370 jobs. This action is expected to take place no later than the first quarter of next year.
The Atlas Specialty Alloys plant located in Welland, Ontario, is currently in the process of being idled, affecting 630 positions.
While Slater Steel have not yet received acceptable offers for the sale of these businesses, they are still involved in discussions with interested parties. This is the reason that the plants are not being shutdown.
For more information on stainless steel, click here.