Is this another CCAA ? - Algoma did 2Excessive spending at Stelco - more than $1.5 million a day - must be dramatically trimmed back for the long term survival of Hamilton Steel, says CEO Rodney Mott.
Stelco workers received copies this week of an e-mail purportedly from a senior company official to managers, urging them to pull back on spending. Another circular attached to the e-mail floats a closure of Hamilton Steel as one of several options for the plant.
Mott confirmed the emphasis on spending cuts, but was quick to say that he does not foresee closure in the near future.
"If we get to the point where shareholders won't reinvest, eventually it'll have to be shut down," Stelco CEO Rodney Mott said yesterday.
"If we cannot stop the spending, if we can't get it profitable, we can't afford to reinvest. What conclusion would you get to?"
Is this another CCAA? Algoma Steel did it twice