financetom
Business
financetom
/
Business
/
ArcelorMittal's Canadian unit to close Hamilton wire drawing mill, lay off 153 workers
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
ArcelorMittal's Canadian unit to close Hamilton wire drawing mill, lay off 153 workers
Jun 11, 2025 10:17 AM

June 11 (Reuters) - Steelmaker ArcelorMittal's

Canadian long products unit said on Wednesday that it was laying

off 153 workers as part of a restructuring of its wire drawing

activities.

The unit's wire drawing mill in Hamilton, Ontario, will be

shut down permanently in the coming weeks.

Its activities, primarily intended for the

telecommunications, construction and automotive markets, will be

handled entirely at the Montreal site.

This comes after the U.S. hiked tariffs on steel and

aluminum imports, effective June 4, for all trading partners

except Britain.

Canadian companies and a major union last week warned of job

losses and lost sales resulting from higher U.S. levies on steel

and aluminum, as Canada prepares for reprisals over the metal

tariffs.

"The restructuring we are announcing today was necessary to

ensure the sustainability of our wire drawing activities," said

Stephane Brochu, CEO of ArcelorMittal Long Products Canada.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Moderna's mRNA Flu Vaccine Outperforms Standard Shots
Moderna's mRNA Flu Vaccine Outperforms Standard Shots
Jun 30, 2025
Moderna, Inc. ( MRNA ) on Monday revealed results from a Phase 3 efficacy study (P304) evaluating the relative vaccine efficacy (rVE) against influenza illness of mRNA-1010, the company’s seasonal influenza (flu) vaccine candidate, compared to a licensed standard-dose seasonal influenza vaccine in adults aged 50 years and older. mRNA-1010 achieved the most stringent superiority criterion prespecified in the protocol,...
Fitch revises Boeing outlook to stable
Fitch revises Boeing outlook to stable
Jun 30, 2025
June 30 (Reuters) - Global ratings agency Fitch on Monday revised its outlook on planemaker Boeing ( BA ) to 'stable' from 'negative'. (Reporting by Shivansh Tiwary in Bengaluru; Editing by Devika Syamnath) ...
Zai Lab's Bemarituzumab Meets Primary Endpoint in Phase 3 Trial for Gastric Cancer
Zai Lab's Bemarituzumab Meets Primary Endpoint in Phase 3 Trial for Gastric Cancer
Jun 30, 2025
09:48 AM EDT, 06/30/2025 (MT Newswires) -- Zai Lab ( ZLAB ) said Monday that a phase 3 clinical trial evaluating first-line bemarituzumab plus chemotherapy for the treatment of gastric cancer met its primary endpoint of overall survival at an interim analysis. The biopharmaceutical company said the treatment combination demonstrated a statistically significant and clinically meaningful improvement in overall survival...
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Aug 17, 2025
SYDNEY, Aug 18 (Reuters) - Google agreed on Monday to pay a A$55 million ($35.8 million) fine in Australia after the consumer watchdog found it had hurt competition by paying the country's two largest telcos to pre-install its search application on Android phones, excluding rival search engines. The fine extends a bumpy period for the Alphabet-owned internet giant in Australia,...
Copyright 2023-2026 - www.financetom.com All Rights Reserved