Slater Steel sells Atlas Specialty factory

Insolvent Slater Steel Inc. has reached a deal to sell its Atlas Specialty Steels facility in Welland, Ontaro, Canada, to a US holding company. Slater, which obtained court protection from its creditors last summer, has been trying to sell its eight divisions. The Atlas Specialty Steels subsidiary also has assets in Fort Wayne, Indiana, USA, for sale. The two Atlas Specialty Steels units have been idle for some time, affecting 450 workers. Slater announced in January it had completed the sale of its Lemont mill in Illinois for USD 9.5 million. It also struck a deal that month to sell Sorel Forge, which makes tool-and-die steels, custom forgings and forged steel bars, to a turnaround fund set up by the Brascan Corp. conglomerate called Tricap Restructuring Fund. Sorel Forge has 270 hourly and salaried employees and is also located in Sorel-Tracy. Hamilton Specialty Bar is being sold to a New York vulture fund, Delaware Street Capital. The company is still trying to sell Atlas Stainless Steels, also in Sorel-Tracy, and Fort Wayne Specialty Alloys, based in Fort Wayne.

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