Major Hamilton Steel Producer Opens New $30M Facility
Published September 18, 2019 at 1:13 pm
Stelco opened a new processing facility earlier this week.
Stelco opened a new processing facility earlier this week.
The new $30-million state-of-the-art batch annealing facility was completed earlier this summer, but Stelco executives and local politicians celebrated the opening of the new facility.
“This milestone marks another important step in Stelco’s journey as we continue to deliver on our business plan,” stated David Cheney, CEO of Stelco Holdings in an earlier press release.
Annealing is a process by which cold-rolled steel is made more flexible by heating the metal to a predetermined temperature, holding for a certain time, and then cooling to room temperature.
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Steel produced in this fashion is particularly appealing to the automotive industry.
“The continued investment in new technology and equipment is a critical part of Stelco’s strategy to increase production through the optimization of our assets and grow the company in order to maximize profitability and returns to our shareholders,” Cheney said.
This significant investment comes after years of uncertainty after the company filed for bankruptcy protection in 2004. Stelco eventually emerged and was sold and sold again in the intervening years.
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