Central steel firm shutting down operations for a month
Poor market conditions
CENTRAL Trinidad Steel Ltd (Centrin) is shutting down operations for one month because it has stock it cannot sell.
In a letter to the Steel Workers Union of Trinidad and Tobago (SWUTT), which represents the workers, the company's human resources officer, Wayne Wong, stated there was no alternative for the course of action.
The letter stated: "Due to unfavourable market conditions for steel products and our high inventory of finished products, the company has no alternative but to shut down our operations for an initial period of one month, effective June 18 to July 17, with our last production date being June 15 after the 7 a.m. to 3 p.m. shift."
Wong said during that one-month period of temporary closure, "management will continue to vigorously seek markets for our products".
He added: "The company apologises for taking this course of action but there is no alternative than to reduce the stock.
"We will continue to review this situation and will advise workers of any changes during the period of the temporary closure.
"As a result, the operations required for selling, distributions and collections will be retained suitably during this period."
A union representative for the workers, Teemul Khan, said yesterday a meeting will be held with company officials today to find alternative employment.