Alton Steel shuts down, cites 'insurmountable challenges'
Published in Business News
ALTON, Illinois — Alton Steel Inc. said Monday it is shutting down effective this week, citing "insurmountable challenges" such as aging infrastructure, intense competition and industry consolidation.
The closure will affect 253 employees, plus contractors and vendors, the company said in a news release.
"This is an incredibly painful decision for everyone involved," said company CEO Chris Ervin.
Ervin said while the company had worked to modernize its facilities and remain competitive, it had reached a point where structural challenges couldn't be overcome.
"The steel industry has changed dramatically, and as a privately held company, we cannot access the capital required to compete with larger, publicly traded competitors that have newer facilities and modern equipment," he said.
Ervin said the company's employees had shown "exceptional dedication and skill" over two decades of production.
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