Steel Strip

Stelco Inc. , the steelmaker based in Hamilton, Canada that emerged from bankruptcy-court protection earlier this year, is cutting 15 per cent of its workforce after winning a new four-year contract with some of its employees. The approximately 700 job cuts will be achieved through retirements, attrition, a salaried and hourly employee buyout plan and [...]

As reported yesterday, shares in Arcelor were suspended as the regulators demanded to know what the position was regarding Mittal, following an apparent announcement that Arcelor had agreed merger terms with Severstal.

Now it is somewhat odd to make public the details of a deal with Severstal, when negotiations are ongoing with Mittal, but [...]

A Steel processing plant has quashed reports that its staff could face redundancy because of a bitter takeover battle.The Welbeck Steel Services Centre, River Road, Barking, this week denied the facility would close with the loss of up to 70 jobs.
The plant’s parent company Arcelor is involved in an ongoing £17billion hostile takeover battle [...]