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Slater Puts Future at Atlas, Hamilton in Question

Failure to reach labor savings may force sell-off

Slater Steel, in bankruptcy since June and already planning to sell or idle several divisions, said late last week (Fri., Dec. 19) it may liquidate both its Atlas Stainless Steels and Hamilton Specialty Bar operations, after members of the production and maintenance unions at Atlas refused to approve collective-bargaining agreement changes that Slater says would provide the labor-cost savings that are "integral" to its reorganization plan.

Several Slater divisions already are due to be idled (Fort Wayne Specialty Alloys, Atlas Specialty Steels) or sold (Slater Lemont) in the company's new business plan.

Slater said that in the absence of the changes and the savings they would allow, it has arranged a hearing before an Ontario court on January 9, 2004, to request the change in its business plan allowing changes to its reorganization plan.

The company added that it will continue operating the Sorel Forge division, and planning for a sale of that Quebec operation.

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