Stelco to cut 725 jobs

Smaller workforce, increased production and cost cutting to boost steel maker's profits
||Last Updated: 07/05/2006

Canada's second largest steel maker will cut another 725 jobs, or 15 per cent of its workforce, later this year.

Stelco Inc's new chief executive officer Rodney Mott announced the cuts, which will reduce the workforce to about 4,125, at the annual shareholder's meeting last week.

The Hamilton-based company is offering $20,000 buyouts for workers who are eligible to retire and packages worth one-year's pay to some salaried staff.