Follansbee Steel announces closing
Follansbee, W.Va.-based Follansbee Steel—owned by Steubenville, Ohio-based Louis Berkman Co.—and Follansbee Steel's Sheet Metal Specialty Division recently closed because of "sustained unfavorable business conditions." The closure affected 36 workers. Both companies will work closely with its customers to minimize the closure's effects.
Mark Robinson, Follansbee Steel's executive vice president and general manager, says the shutdown process will be gradual, giving the company time to test the investor market. He says Louis Berkman will try to make Follansbee Steel attractive to potential buyers, but it must act quickly.
Robinson also says the company is filling existing orders but not taking new orders for materials it doesn't currently have.