Future of Atlas Stainless in the balance

In its continuing effort to reduce costs, Slater Steel has initiated discussions with the unions representing its employees at Atlas Stainless Steels (the only producer of stainless steel flat-rolled products in Canada, based in Sorel-Tracy, Quebec) and other parties regarding its operations at Atlas Stainless Steels. Slater is reviewing alternatives to reduce costs that could result in the closure of certain operations and a reduction in manpower levels. During 2001, Atlas Stainless Steels has been unprofitable and it is anticipated that the facility will incur losses of approximately CAD 5 million during the second quarter.

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