News Release Archive

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

Solving the quality concerns is a key issue for the company,
especially now that other private sector interests are looking at
a possible purchase.


Contact: Labour Minister Manning MacDonald  902-539-6032

trp                   August 14, 1996 - 1:30 p.m.