Laclede Steel filed for bankruptcy and announced plans to sell its Alton, Ill., plant. The filing was made this past Friday.
Laclede said it will shut down the Alton mill after selling inventory on hand. The company will try to sell the mill as a ready- to-run steel plant. But if no buyers are found, the equipment will be sold off through the bankruptcy court.
The collapse came just seven months after Laclede emerged from its last bankruptcy, amid high hopes of a revival. "Since that time, surging imports and the continued depression in the market for steel product have made that plan unattainable," chief executive David Higbee said in a press release.
The bankruptcy filing by Laclede continues a torrent of bankruptcy filings that have been sweeping the North American steel industry over the past several years. According to various sources, this most recent announcement to more than 15 North American steel companies that have filed for bankruptcy over the past three years.
While North American steel companies struggle with remaining solvent, the federal government is looking at the import of many finished steel products to see if claims of dumping are taking place.