U.S. Steel has announced it will shut down the plant’s remaining blast furnace in the City of Hamilton Monday and wouldn’t be starting it up again until “market conditions improved.â€Â Link to article
If you don’t have time to read the article, here are my takeaways:
According to US Steel, shutting down the blast furnance will not result in layoffs; workers in Hamilton will be assigned to other tasks
US Steel currently employs approximately 900 workers at the mill, down from 1,700 before the beginning of the recession when US Steel purchased Stelco
The reason for the shutdown is that there are not enough orders to process to make a profit. The union believes this is a scare tactic as the two parties in a labour dispute regarding the indexing of pensions and vacation time
Ottawa is currently suing US Steel over broken promises over employment levels and production
Author: Erwin
Erwin has been investing in real estate since 2006 and is a highly decorated investor and realtor. His list of awards and accomplishments includes:
• FOUR time consecutive finalist for the Michael Millenaar Memorial Award and 2013 WINNER for his leadership and contribution to the Real Estate Investment Network community.
• TWO time finalist & 2015 WINNER for Realtor of the Year for Ontario by the Real Estate Investment Network
• TWO time finalist & 2016 WINNER for Real Estate Agent of the Year by Canadian Real Estate Wealth Magazine
• REIN™ Ambassador (Endorsed Realtor by REIN™)
• Silver award recipient by the Real Estate Investment Network
• 2013’s Top Player Award by the Real Estate Investment Network
• Regular contributor to REIN™ Real Estate Report and Canadian Real Estate Wealth Magazine
Erwin has owned and still owns numerous investment properties: single family, renovate and hold, multi-family, multi-family conversion, and student housing. He left his corporate job at “Big Blue†to pursue his passion as an entrepreneur in investment real estate. He’s been featured in the Hamilton Spectator and been a guest speaker at several investment networks and has coached numerous successful real estate investors by focusing on economic fundamentals and financials.
