Canada's Largest Steelmaker to File for Bankruptcy

The Associated Press reported that Stelco, Canada's largest steelmaker, announced it will seek bankruptcy protection as part of efforts to restructure its money-losing business.

Analysts have suggested as many as 1,500 jobs need to be cut from the 9,500-member work force of the diversified steel producer.

Courtney Pratt, Stelco's president and CEO, said the company's problems include a high cost structure, a deteriorating cash position and an inability to compete against other steel companies that have benefited from their own restructurings.