Union Electric Steel, a subsidiary of Ampco-Pittsburgh Corporation, has announced its decision to cease operations in the UK by Spring 2026. The decision follows a thorough analysis of the company's long-term viability in the UK market, considering economic pressures and global demand shifts. Despite consultations with employees, unions, and government departments, the company faced unsustainable financial losses due to high energy costs, lack of demand, and increased competition from low-cost imports. The closure aims to secure the future of the company's remaining operations globally. Union Electric Steel has expressed gratitude to its employees and customers and plans a phased approach to fulfill existing orders, while continuing support through its operations in the US, Sweden, Ravne, and a joint venture in China. The closure is pending final board approval, with further updates to follow.
免责声明:投资有风险,本文并非投资建议,以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请,作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考,不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证,投资者应自行研究并在投资前寻求专业建议。