From Newsgroup: rec.crafts.metalworking
ALTON, Illinois rCo Alton Steel Inc. will cease operations effective the
week of Jan. 26, citing industrywide structural challenges that have
made continued production economically unsustainable, the company
announced Monday.
The privately held steelmaker said aging infrastructure, intense market competition and consolidation within the steel industry forced the
decision. The closure will affect about 253 employees, along with
contractors and vendors.
rCLThis is an incredibly painful decision for everyone involved,rCY CEO
Chris Ervin said in a statement. Ervin said the company had worked for
years to modernize the Alton facility but could not overcome what he
described as fundamental structural challenges facing smaller steel
producers.
Ervin said Alton Steel cannot access the capital available to larger,
publicly traded competitors with newer facilities and modern equipment,
making it difficult to remain competitive.
Jayne and John Simmons, who helped establish Alton Steel nearly 25 years
ago with former Laclede Steel employees, said the company was founded to preserve steelmaking jobs and honor AltonrCOs industrial heritage.
https://www.ksdk.com/article/news/local/business-journal/alton-steel-to-s hut-down-operations-affecting-253-employees-amid-industry-challenges/63-7 99d9761-36cc-4c48-8b9f-7b839d077527
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