Canadian Chat → US Steel (former Stelco) files for bankruptcy

U.S. Steel Canada files for bankruptcy protection

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In announcing the move, the company's American parent said the Hamilton and Nanticoke plants have lost more than $2.4 billion over the last five years and the bleeding has to stop.

»www.thespec.com/news-sto ··· tection/
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Once again your political bias kicks in, either the globe or post had the real explanation.

....The baby food that will be produced in Pittsburgh had been manufactured at a Heinz plant in Leamington, Ontario....

With friends like the US, who needs enemies?

H.J. Heinz Co. is closing its plant in Leamington, Ont., a move that will cost 740 jobs and end more than a century of ketchup making in the Southern Ontario town.

The move is part of a major cost-cutting effort by Heinz’s new owners, Warren Buffett’s Berkshire Hathaway Inc. and Brazilian hedge fund 3G Capital, which bought the company in June for $28-billion (U.S.).

Heinz is also closing two other factories, in Florence, S.C., and Pocatello, Idaho, shedding a further 610 jobs as it moves production of ketchup and sauces to fewer plants....

Some other facilities will gain from the three closures. Heinz has three plants in Canada – the Leamington ketchup factory, a salad dressing plant in St. Marys, Ont., and a plant in Toronto. Mr. Mullen said production will shift to St. Marys and U.S plants, where a total of 470 jobs will be added.

The production coming to Pittsburgh had been handled at the Heinz plant in Leamington, Ontario.

Heinz sold that Leamington plant earlier this year to a Canadian co-packer that is expected to make some products for the Pittsburgh company.

Mr. Mullen said only jarred baby food products will be made (in Pittsburgh).

“Many Heinz baby food varieties will continue to be made in Canada, including fruit varieties sold in plastic tubs and pouches, Heinz Infant Cereals, and Heinz Little Kids snack items.”

The biggest problem at U.S. Steel is its management, said Charles Bradford, co-founder and principal at Metals Industries Advisory Group in New York.
"[U.S. Steel's] mismanagement in Canada wasted hundreds of millions of dollars."
And the multiple lockouts %u2014 for which the union is also partly responsible %u2014 have alienated customers, he said.

Didn't US Steel originally buy the Canadian Mills because they were the competition, and to basically shut them down? What happened to the old Dofasco mill? Are no steel Mills operating in Hamilton anymore?

Didn't US Steel originally buy the Canadian Mills because they were the competition, and to basically shut them down? What happened to the old Dofasco mill? Are no steel Mills operating in Hamilton anymore?

Now that they've applied for bankruptcy protection, I wonder what the next move will be?

Leamington is not closing

Didn't US Steel originally buy the Canadian Mills because they were the competition, and to basically shut them down?

What irks me, is the Feds let them take over based on certain promises for output and employment. They didn't meet those obligations, and then when they promised to spend another $x the feds dropped the court case.

Now that they've applied for bankruptcy protection, I wonder what the next move will be?

Not to mention the amount we taxpayers will be on the hook for the pension liability.

Didn't know about the loan,but its another reason I hate corporate welfare

How could we have let this purchase be made under an umbrella corporation, that can file for bankruptcy, and not the parent US Steel?

taxpayer bailout should be zero.

the union should bail them out, since it was part of their bargaining process over the years...seize the company assets and sell them off with the proceeds going to the pension.

i shouldn't have to pay for their pension...that deal is between the company, the union and the employees...they should have to figure it out themselves.