ALGOMA STEEL LAYS OFF 600 TO PROTECT CASHFLOW

摘要

Struggling Algoma Steel said on May 15 that it is implementing a 90-day market adjustment plan to keep its cashflow positive as North American steel markets continue to decline. The plan includes the immediate layoffs of about 600 workers, reductions in employment, maintenance, service and supplier costs and working capital reductions. The company hopes to achieve a 40m Canada dollars reduction in annual operating costs to help it compensate for declining prices, rising energy and other costs and the strengthening Canadian dollar.