Slater Steel To Wind Down Operations Of Two Divisions
January 9, 2004
Slater Steel Inc., Mississauga, Canada, will no longer pursue a stand-alone restructuring of its Atlas Stainless Steels and Hamilton Specialty Bar divisions. Slater will propose to the Ontario Superior Court of Justice the orderly wind down of the operations of both facilities. The Company said that RBC Capital Markets will continue to seek buyers for each of Atlas Stainless Steels and Hamilton Specialty Bar. The Company is attempting to complete a going concern sale of Sorel Forge and will continue to operate the facility in the normal course of business. Slater also said that it completed the sale of its Lemont facility for gross proceeds of US$9.5 million. Slater is also continuing to pursue the sale of Atlas Specialty Steels and Fort Wayne Specialty Alloys. Atlas Stainless Steels and Hamilton Specialty Bar will seek to operate in the interim to fulfill customer orders. Approximately 430 hourly and salaried positions at Atlas Stainless Steels and approximately 400 hourly and salaried positions at Hamilton Specialty Bar will be impacted.