Oct 29, 2013
By Michael Kramer
It’s a hard blow to Hamilton and the Ontario economy.
U.S. Steel says it will permanently shut down iron and steelmaking operations at its Hamilton mill at the end of the year.
Company president and ceo Mario Longhi made the comments regarding the former Stelco operations during a conference call this afternoon.
U.S. Steel acquired the integrated steelmaking operations when it bought Stelco in 2007.
The mill was idled in 2010, but the steelmaker hadn’t ruled out restarting production if the market improved.
Longhi says the move would reduce U.S. Steel’s costs by about $50 million a year, and allow it to shut down two aging coke batteries at its Gary Works in Indiana.
Steelmakers such as U.S. Steel, which operate blast furnaces, have struggled to be profitable since the 2008-2009 financial crisis.
The factory employs about 2,200 people, according to the plant’s website.