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 severance packages, CEO Rodney Mott told the company’s annual meeting in Toronto on Thursday. About 700 job cuts will be achieved through retirements, attrition, a salaried and hourly employee buyout plan and severance packages, CEO Rodney Mott told the company’s annual meeting Thursday in Toronto.
Source Toronto Star
Only yesterday ,speaking to reporters in Toronto after Stelco’s first annual meeting since 2003, less than a year before it entered a 26-month restructuring, Rodney Mott (CEO) said the company will likely be part of “something bigger,” given the tendency toward globalization.
“We’re either going to be a buyer or we’re going to be merged with somebody else down the road if this trend continues,” Mott said.
The ongoing saga of Stelco has been followed over time by Michael at Stamping out a living, and his blogs on the subject can be found here.
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