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Investing.com -- ArcelorMittal (NYSE:MT) Long Products Canada (AMLPC) announced a restructuring of its wire drawing operations to boost competitiveness and improve long-term profitability.
The company will consolidate all wire drawing activities at its Montreal, Quebec site, closing its Hamilton, Ontario facility in the coming weeks. These operations primarily serve the telecommunications, construction, and automotive markets.
The consolidation aims to help AMLPC achieve performance levels that meet objectives and standards required in the highly competitive long products steel markets.
The closure of the Hamilton wire drawing mill will affect 153 employees. AMLPC stated it intends to fulfill its responsibilities as an employer and maintain open dialogue with employee representatives to support staff impacted by the shutdown.
"It is never an easy decision to close a site. First and foremost, all our efforts are focused on supporting the employees affected by this closure," said Stephane Brochu, President and CEO of AMLPC.
"The restructuring we are announcing today was necessary to ensure the sustainability of our wire drawing activities. It will allow us to improve our operational efficiency and secure our long-term competitiveness in the demanding wire drawing market," Brochu added.
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