SQP Industries Inc. announced that it will close its Sharpsville, Pa., foundry by Thanksgiving.
The company attributed the decision to close to the slumping U.S. steel industry, which has seen a score of bankruptcies over the past year.
The last day for operating the company's electric furnaces will be Oct. 19. Following that, workers will begin to prepare the equipment for mothballing and the foundry should close around Thanksgiving.
Closing the foundry will have at least one impact on the borough as it was a major water user from the town's water plant.
The plant was bought in February by Assad Metals Inc., a Pittsburgh scrap and metals company for $10.5 million. Assad bought the foundry through its Hempfield Partners unit, both owned by the Snyder family of Pittsburgh. The purchase was made from the bankrupt Sharpsville Quality Products Co. which was the employee-owned concern that had operated the foundry. Sharon (Pa.) Herald.Latest from Recycling Today
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