News Release Archive
LABOUR--SYSCO ----------------------------------------------------------------- The provincial government has helped the Sydney Steel Corporation extend a line of credit. The government guarantee on the extension of $14 million is expected to enable to corporation to finance operations until the end of the year. Sydney Steel's current cashflow problems are being aggravated by technical issues on rail production. Sysco is addressing those issues, and will use the loans to finance operations during this period. Solving the quality concerns is a key issue for the company, especially now that other private sector interests are looking at a possible purchase. -30- Contact: Labour Minister Manning MacDonald 902-539-6032 trp August 14, 1996 - 1:30 p.m.