Yahoo! News – Insolvent Slater Steel agrees to sell Sorel Forge unit in Quebec: “Sorel Forge makes tool-and-die steels, custom forgings and forged steel bars. It has 270 hourly and salaried employees “
Electrolux to close Michigan refrigerator factory – 01/17/04: “… 2,700 jobs … The factory, Montcalm County’s largest employer, will continue operating into 2005. “
Forbes.com: Commodities – Gold sinks as dollar soars, copper down: “copper prices backed off six-year highs “
United States Steel Corporation Reports 2003 Fourth Quarter and Full-Year Results: “To cover unprecedented increases in raw material and transportation costs, the company announced a $30 per ton surcharge on all products effective February 1, 2004, which will remain in effect until further notice. The company also announced additional increases of $50 per ton for hot-rolled products and hot strip mill plate, and increases of $60 per ton for cold-rolled and coated sheet products, effective April 4, 2004.”
Forbes.com: AK Steel raises prices, adds surcharge on steel: “it raised its prices for hot-rolled steel by $50 per ton. Prices for cold-rolled and coated steel were increased by $60 per ton.”
Today’s news seems to be full of companies in trouble …
Automotive stamping companies …
Ajax Precision was already in protection but now I see reports of their equipment going up for auction .
A G Simpson has been operating under court protection since October 2001
VELTRI METAL PRODUCTS, INC. FILES FOR COURT PROTECTION
And steel companies aren’t doing well in the news either.
Analysts say Stelco may have to trim its workforce by as much as 1,500 workers to return to profitability. Stelco’s unfunded pension liability amounts to $1.3-billion.
Turnaround specialist Hap Stephen – who helped restructure Algoma Steel two years ago – was appointed as the company’s chief restructuring officer.
STEELWORKERS PREPARED TO WORK WITH STELCO STAKEHOLDERS ON THE “RIGHT KIND OF RESTRUCTURING”