March 04 - In light of yesterday's news that U.S. Steel Corp., the largest U.S.- based steelmaker by sales, is idling most of its operations in Canada and laying off 1,500 workers because of falling demand, Hamilton Port Authority is committing to redoubl
US Steel Corp has said that production will be halted within "weeks" at facilities in Hamilton and Nanticoke, Ontario, as steel prices have plunged by more than half from a record US$1,068 a ton in July last year as the slowing global economy has reduced demand for automobiles, appliances and homes. Pittsburgh-based U.S. Steel has joined competitors including Nucor Corp. and Steel Dynamics Inc. in slashing production since the fourth quarter.
The origins of the port of Hamilton are closely tied to steel production and the port authority has said that it is fully supportive of measures that aid the recovery of the local steel industry and recognize the importance of steelmaking and related services in Hamilton. The revival of steel production is an important piece of the economic landscape for the city.
