Algoma Steel Inc. - Company Announcement.SAULT STE. MARIE Sault Sainte Marie — pronounced "Soo Saint Marie" (IPA /su seɪnt məˈɹi/) — is the name of two cities on the Saint Marys River, which forms part of the boundary between the United States and Canada. , Ontario--(BUSINESS WIRE)--Oct. 22, 1998-- Algoma Steel Inc.(NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ALGSF) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :ALG ALG antilymphocyte globulin. ALG antilymphocyte globulin. ALG Antilymphocyte globulin, see there .) Algoma Steel Inc. today announced that effective November 16, 1998, its Tubular Business Unit will be temporarily idle due to a lack of orders. This temporary cessation of operations is expected to last into the middle of January 1999. There will be sufficient semi-finished inventory to facilitate a quick return to operations when required. This lack of orders is caused by a number of factors including the collapse of oil prices globally and its impact on oil exploration and development activity. During the cessation of operations, Tubular Business Unit employees will be redeployed in the Steelworks displacing current temporary employees. Glenn Bond, Vice President - Operations, said: "The cessation of operations will have a negative impact on fourth quarter earnings; however, shipments of tubular products will continue, thereby reducing tubular inventories." Algoma Steel, based in Sault Ste. Marie, Ontario For the city of Sault Ste. Marie in Michigan, or the Canadian federal and provincial electoral districts of the same name, see: Sault Ste. Marie. Sault Ste. Marie (nicknamed "the Sault" or "the Soo") is a city on the St. Marys River in Ontario, Canada. , is Canada's third largest integrated steel producer. Revenues are derived primarily from the manufacture and sale of rolled steel products, including hot and cold rolled sheet, plate, seamless tubular products and structural products. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion