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Stelco lays off executives in effort to cut costs
Stelco has laid off 29 non-union executives in an effort to cut costs.
Letters were sent out to all salaried employees on Monday, notifying them about the decision.
A Stelco spokesperson told CHCH News that the company supplied outplacement resources and followed all their responsibilities mapped out by the company’s Creditor Arrangement Act. The responsibilities include full pay and benefits until March 31.
Since December, 10 new employees have been hired by the company and 50 new positions have been posted.
