Latest news with #StephaneBrochu
Time of India
4 days ago
- Business
- Time of India
ArcelorMittal to lay Off 153 workers, shutter Ontario wire mill amid restructuring, ET Infra
Advt Join the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. Get updates on your preferred social platform Follow us for the latest news, insider access to events and more. Steelmaker ArcelorMittal's Canadian long products unit said on Wednesday that it was laying off 153 workers as part of a restructuring of its wire drawing unit's wire drawing mill in Hamilton, Ontario, will be shut down permanently in the coming activities, primarily intended for the telecommunications, construction and automotive markets, will be handled entirely at the Montreal comes after the US hiked tariffs on steel and aluminum imports, effective June 4, for all trading partners except companies and a major union last week warned of job losses and lost sales resulting from higher US levies on steel and aluminum, as Canada prepares for reprisals over the metal tariffs."The restructuring we are announcing today was necessary to ensure the sustainability of our wire drawing activities," said Stephane Brochu, CEO of ArcelorMittal Long Products Canada
Reuters
4 days ago
- Business
- Reuters
ArcelorMittal's Canadian unit to close Hamilton wire drawing mill, lay off 153 workers
June 11 (Reuters) - Steelmaker ArcelorMittal's ( opens new tab Canadian long products unit said on Wednesday that it was laying off 153 workers as part of a restructuring of its wire drawing activities. The unit's wire drawing mill in Hamilton, Ontario, will be shut down permanently in the coming weeks. Its activities, primarily intended for the telecommunications, construction and automotive markets, will be handled entirely at the Montreal site. This comes after the U.S. hiked tariffs on steel and aluminum imports, effective June 4, for all trading partners except Britain. Canadian companies and a major union last week warned of job losses and lost sales resulting from higher U.S. levies on steel and aluminum, as Canada prepares for reprisals over the metal tariffs. "The restructuring we are announcing today was necessary to ensure the sustainability of our wire drawing activities," said Stephane Brochu, CEO of ArcelorMittal Long Products Canada.
Yahoo
4 days ago
- Business
- Yahoo
ArcelorMittal's Canadian unit to close Hamilton wire drawing mill, lay off 153 workers
(Reuters) -Steelmaker ArcelorMittal's Canadian long products unit said on Wednesday that it was laying off 153 workers as part of a restructuring of its wire drawing activities. The unit's wire drawing mill in Hamilton, Ontario, will be shut down permanently in the coming weeks. Its activities, primarily intended for the telecommunications, construction and automotive markets, will be handled entirely at the Montreal site. This comes after the U.S. hiked tariffs on steel and aluminum imports, effective June 4, for all trading partners except Britain. Canadian companies and a major union last week warned of job losses and lost sales resulting from higher U.S. levies on steel and aluminum, as Canada prepares for reprisals over the metal tariffs. "The restructuring we are announcing today was necessary to ensure the sustainability of our wire drawing activities," said Stephane Brochu, CEO of ArcelorMittal Long Products Canada. Error al recuperar los datos Inicia sesión para acceder a tu cartera de valores Error al recuperar los datos Error al recuperar los datos Error al recuperar los datos Error al recuperar los datos
Yahoo
4 days ago
- Business
- Yahoo
ArcelorMittal's Canadian unit to close Hamilton wire drawing mill, lay off 153 workers
(Reuters) -Steelmaker ArcelorMittal's Canadian long products unit said on Wednesday that it was laying off 153 workers as part of a restructuring of its wire drawing activities. The unit's wire drawing mill in Hamilton, Ontario, will be shut down permanently in the coming weeks. Its activities, primarily intended for the telecommunications, construction and automotive markets, will be handled entirely at the Montreal site. This comes after the U.S. hiked tariffs on steel and aluminum imports, effective June 4, for all trading partners except Britain. Canadian companies and a major union last week warned of job losses and lost sales resulting from higher U.S. levies on steel and aluminum, as Canada prepares for reprisals over the metal tariffs. "The restructuring we are announcing today was necessary to ensure the sustainability of our wire drawing activities," said Stephane Brochu, CEO of ArcelorMittal Long Products Canada. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBC
4 days ago
- Business
- CBC
ArcelorMittal to close Hamilton wire-drawing mill, affecting 153 workers
In a decision that will affect 153 employees, steelmaker ArcelorMittal Long Products Canada says it is "restructuring" its wire drawing operations in Hamilton and Montreal — closing its Hamilton mill and concentrating work in Montreal. At this point, it's unclear if employees are being laid off or offered to transfer to Montreal. Company spokesperson Jean-Philippe Grou declined to tell CBC Hamilton when asked. As a result of the change, the Hamilton mill will be permanently shut down in the coming weeks, said a news release issued Wednesday morning. The company is aiming "to strengthen its competitiveness and ensure better long-term profitability for its wire drawing activities," CEO Stephane Brochu said in the release. United Steel Workers (USW) Local 5328 vice-president John Butler said the plant will close at the end of June. "This is crushing news for the employees, retirees and the community at large. We will begin the process of a closure agreement," he said in a post on social media site X Wednesday. "It is never an easy decision to close a site," Brochu said in the company media release. "First and foremost, all our efforts are focused on supporting the employees affected by this closure." According to its website, ArcelorMittal's long products company makes billets, slabs, bars and wire rods, which are used in sectors including automobiles and construction. The health of the steel industry in Hamilton has been the source of much concern due to U.S. tariffs, which recently increased to 50 per cent. Grou would not confirm whether the company's decision about the mill is tariff-related.
