Thursday, September 23, 2004
Firm blames steel prices in filing for bankruptcy
JS Online: "Citation Corp., which has plants in Menomonee Falls, Berlin and Browntown, has filed to reorganize under Chapter 11 in U.S. Bankruptcy Court in Birmingham, Ala.
The Birmingham-based company said Wednesday it will continue operating while it reduces its $300 million in debt and tries to raise prices for the specialty steel products it makes for automotive companies, their suppliers and other industries.
For months, rising scrap steel prices have raised havoc with metal products companies, said Robert Stevens, president of the Emergency Scrap Steel Coalition, which advocates for government intervention in the problems."
The Birmingham-based company said Wednesday it will continue operating while it reduces its $300 million in debt and tries to raise prices for the specialty steel products it makes for automotive companies, their suppliers and other industries.
For months, rising scrap steel prices have raised havoc with metal products companies, said Robert Stevens, president of the Emergency Scrap Steel Coalition, which advocates for government intervention in the problems."
