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Canada's Largest Steelmaker to File for Bankruptcy

Monday February 2, 2004
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.

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