Stelco Inc. says it will transfer all its hot strip processing to the recently expanded Lake Erie mill at Nanticoke – a move that will cut more than 300 jobs.
The Hamilton steel maker, which posted a $145 million loss in its last quarter, said the cuts involve employees working at the Hamilton hot strip mill, as well as in certain support services in maintenance, shops and coil processing.
Stelco CEO Rodney Mott dismissed rumours the Hamilton plant would be shut down, but said production of certain "specialized products" there will continue to be studied in the next few quarters as it is impossible to be competitive with obsolete equipment.
"The Hamilton plant will make as much steel as it ever made. As much as it has in recent years, anyway," Mott said.
"There's no thought of abandoning Hamilton workers. We have some very good units in this plant. We have very good steel making. We have a very good coil steel processing unit. There are some very specialized products in the plant that we could reconsider whether we want to run or not."
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