Hamilton steel company fails to secure buyer, will be liquidated

After three tumultuous months, the future of a century-old Hamilton steel company is now clear. Hamilton Specialty Bar will be liquidated.

Monday was the deadline for the company to be kept alive by a last-minute bid.

But that bidder failed to present a "going concern" offer to a judge Monday morning.

"There is still hope that the group interested in operatingHSBas a steel plant canreach an agreement with the liquidation company to buy the mill before the assetsare lost,"DePaulosaid in the statement.

"But it is extremely disappointing for the situation to have come to this point, for ourmembers, our pensioners and the community."

USWLocal 4752 represents more than200 HSB employees.

The company has been in trouble since January, when its doors were suddenly shut and its operations sent into a receivership under the control of a trustee.

The company also employed about 50 salaried workers. Another 400 retired workers and their families are also affected.

The union will be holding an information meeting for members on Tuesday at6 p.m.at the Steelworkers Hall on Barton Street.