Posted on 20/11/04
Big Steel faces its next revolution
NEW YORK AND TORONTO -- Employees at Algoma Steel Inc. have seen some tough times. Twice in the past decade, the Sault Ste. Marie, Ont.-based steel maker has claimed court protection from creditors. Just 18 months ago, it laid off 600 people, roughly one-fifth of its work force. But last July, the remaining Algoma workers reaped the rewards of retrenchment. Flush with cash from booming steel prices -- up 2½ times from 2003 levels -- the company distributed profit-sharing cheques worth up to $10,000 each to every one of its 3,000 employees.
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