TORONTO, Aug 23 (Reuters) - Canada's Russel Metals Inc said on Monday it is consolidating its structural steel and other long products operations into one facility, a move that will eliminate the jobs of about 80 employees at its Port Robinson, Ontario, plant.
The metal distribution company will spend C$6 million ($5.7 million) to expand its Cambridge facility, about 95 kilometres (59 miles) west of Toronto, and will hire about 40 employees there. The Port Robinson plant will be closed.
'The expansion at the Cambridge branch allows us to fulfill our commitment to provide better service to our customers and rationalize, as needed, our operations in Ontario,' Chief Executive Brian Hedges said in a press release.
Shares in the company, which is one of the largest metal distributors in North America, closed 0.7 percent higher at C$19.49 on Monday on the Toronto Stock Exchange.
($1=$1.05 Canadian)
(Reporting by Julie Gordon; editing by Peter Galloway) Keywords: RUSSELMETALS (julie.gordon@thomsonreuters.com; +1 416 941 8136; Reuters Messaging: julie.gordon.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The metal distribution company will spend C$6 million ($5.7 million) to expand its Cambridge facility, about 95 kilometres (59 miles) west of Toronto, and will hire about 40 employees there. The Port Robinson plant will be closed.
'The expansion at the Cambridge branch allows us to fulfill our commitment to provide better service to our customers and rationalize, as needed, our operations in Ontario,' Chief Executive Brian Hedges said in a press release.
Shares in the company, which is one of the largest metal distributors in North America, closed 0.7 percent higher at C$19.49 on Monday on the Toronto Stock Exchange.
($1=$1.05 Canadian)
(Reporting by Julie Gordon; editing by Peter Galloway) Keywords: RUSSELMETALS (julie.gordon@thomsonreuters.com; +1 416 941 8136; Reuters Messaging: julie.gordon.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
