Stelco’s executive chairman says the steelmaker is focused on “continued growth” and “forging greater and deeper partnerships.”
Alan Kestenbaum has joined employees, customers and city officials by cutting the ribbon on a new $30 million dollar batch annealing facility at its Hamilton plant.
Kestenbaum says it represents the company’s first investment in a new production facility in Hamilton this century.
The annealing process involves the slow cooling of steel to reduce its hardness and make it more workable.
Trevor Harris, vice president of corporate affairs, says that in turn allows it to be shaped into things like “automotive parts, appliances and things of that nature” while opening up new product lines for Stelco.
For employees, Harris says, the investment “demonstrates the commitment of the ownership group to invest in our facilities and grow the company.”
Stelco’s focus on investment and expansion comes two years after the steelmaker completed its latest journey through the bankruptcy protection process.
In June 2017, an Ontario judge approved the sale of the company to Bedrock Industries.