Thursday, February 05, 2004
Yahoo! News - No guarantee of a provincial bailout for faltering steelmaker Stelco: "The Ontario government is closely monitoring the situation [...] but Premier Dalton McGuinty is making no promises to bail out the Hamilton company.
The company blamed its financial troubles on its high cost structure, a deteriorating cash position and its inability to compete with other steel companies that have already restructured.
Stelco, whose 9,500 active workers are outnumbered by its 12,200 retirees, has said that so-called legacy costs, such as pensions, are a major factor in its inability to compete. "
The company blamed its financial troubles on its high cost structure, a deteriorating cash position and its inability to compete with other steel companies that have already restructured.
Stelco, whose 9,500 active workers are outnumbered by its 12,200 retirees, has said that so-called legacy costs, such as pensions, are a major factor in its inability to compete. "
Labels: stelco
