Dofasco is a steel company based in Hamilton, Ontario, Canada, which is also home to longtime Canadian rival Stelco. Steel is an Alloy consisting mostly of Iron, with a Carbon content between 0 Hamilton (ˈhæməltən ( 2006 population 504559 UA population 647634 CMA population Country to "Dominion of Canada" or "Canadian Federation" or anything else please read the Talk Page Stelco is a Steel company based in Hamilton Ontario, Canada. History Several existing smaller steelworks combined and were incorporated as the Dofasco is currently a stand alone subsidiary of Arcelor Mittal, the world's largest steel producer. ArcelorMittal (,,) is the largest steel company in the world with 310000 employees in more than 60 countries Previously ordered by the U. S. Department of Justice to divest itself of the Canadian company, Arcelor Mittal has now been allowed to retain Dofasco provided it sells several of its American assets instead. [1]
Contents |
History
Clifton and Frank Sherman founded Dominion Foundries and Steel in 1912, creating a giant that would bring prosperity and identity to the city of Hamilton, Ontario. Year 1912 ( MCMXII) was a Leap year starting on Monday (link will display the full calendar of the Gregorian calendar (or a Leap year starting Hamilton (ˈhæməltən ( 2006 population 504559 UA population 647634 CMA population [2] Dofasco was incorporated as Dominion Steel Castings Company Limited in 1912, becoming Dominion Foundries and Steel Company in 1917. Year 1912 ( MCMXII) was a Leap year starting on Monday (link will display the full calendar of the Gregorian calendar (or a Leap year starting Year 1917 ( MCMXVII) was a Common year starting on Monday (link will display the full calendar of the Gregorian calendar (or a Common year [3] Its longtime nickname "Dofasco" was adopted as its legal name in 1980. Year 1980 ( MCMLXXX) was a Leap year starting on Tuesday (link displays the 1980 Gregorian calendar) [3]
Dofasco owned and operated a number of subsidiaries, including National Steel Car, a Hamilton-based railway freight car manufacturer, from 1962 to 1994, and Algoma Steel, from 1988 to 1991, until union and financial difficulties ultimately forced Dofasco to divest the company. During the recession of the early 1990s, Dofasco made its first permanent layoffs since the Great Depression of the 1930s. The 1930s were described as an abrupt shift to more radical and conservative lifestyles as countries were struggling to find a solution to the Great Depression.
Dofasco has been profitable for 11 straight years, while cross-town rival Stelco has spent time in bankruptcy protection. [1]
Dofasco has won awards for being the "most sustainable manufacturing company" in North America. [4]
Acquisition
In January 2006, Luxembourg-based Arcelor, then the world's 2nd largest steel producer by volume, outbid rival German steel producer, ThyssenKrupp AG, to purchase Dofasco. January 2006: ← - January - February - March - April - May - June - July Luxembourg (Groussherzogtum Lëtzebuerg Grand-Duché de Luxembourg Großherzogtum Luxemburg is a small Landlocked country in Western Europe, bordered by ThyssenKrupp AG ( is a large German industrial conglomerate, with more than 200000 employees Analysts cited the strengths of Dofasco, including its non-unionized workforce, strong automotive customer base, its unique thin high-strength steel product, and ownership of a Canadian ore mine. [2]
After Arcelor initially presented a hostile bid of $56 per share, ThyssenKrupp and Dofasco signalled their intentions to enter into a friendly merger. Under that plan, Dofasco would have retained its employee profit-sharing plan and placed in charge of all of ThyssenKrupp's North American operations. [3] Arcelor raised its offer significantly, causing ThyssenKrupp to pull out as further bidding would have downgraded the its credit rating. Dofasco paid ThyssenKrupp a breakup fee of $215 million. Dofasco's board recommended the latest Arcelor offer of $71 per share in cash, worth an estimated $5. 5 billion. [4]
Arcelor was itself subsequently taken over by the world's largest steel producer, Mittal. However, in an effort to prevent Dofasco from falling into ThyssenKrupp's hands, Arcelor management locked Dofasco into an independent trust based in the Netherlands. Mittal had reportedly promised to sell Dofasco to ThyssenKrupp, but the Dutch trust has thus far refused the transaction. Dofasco will be retained by the combined Arcelor Mittal, and eventually integrated into their international operations, as the parent plans to divest American assets instead to meet US Antitrust regulations. [5]
Labour Relations
Unlike rival Stelco, Dofasco is non-unionized, due to its profit-sharing plan with employees. As a result, Dofasco has avoided many of the strikes and work-stoppages which have plagued its cross-town rival. However, there has been some complaints that the employee benefits are too generous. At one point, investors complained that the profits should have been distributed to shareholders as a special dividend rather than giving workers larger bonuses; this was a factor in the underperforming stock price despite strong results. [5]
While several unsuccessful attempts have been made to organize by the United Steelworkers of America, union negotiations at Stelco have influenced wages and benefits at Dofasco. Template talkInfobox Union for usage --> The United Steel Paper and Forestry Rubber Manufacturing Energy Allied Industrial
In 2007, Dofasco was named one of Canada's Top 100 Employers, as published in Maclean's magazine, the only steelmaker to receive this honour. Canada's Top 100 Employers is an annual competition that recognizes the best places in Canada to work Maclean's is a Canadian weekly News magazine, reporting on Canadian issues such as politics pop culture and current events [6]
Since 1937, Dofasco is well known for its annual tradition of holding a large Christmas party, typically featuring 30,000 guests and a 30 foot tree. From 1993 onwards, the party has been held at Copps Coliseum. See also Sports venues in Hamilton Ontario Copps Coliseum is a sports and entertainment arena on the corner of Bay Street North and York Boulevard [6]
"Our product is steel. Our strength is people. "
Since 1970, the company has used the same corporate slogan — "Our product is steel. Our strength is people. " — to create what Marketing Magazine has called " one of the most clearly defined corporate images in the country. Marketing is a Canadian Business Magazine about Marketing, Advertising and media. " The slogan was created by Hamilton-based Kelly Advertising, who have been the company's ad agency since 1927. [7]
Notes
- ^ Hamilton Spectator News Wire. "Dofasco deadline looms", Hamilton Spectator, 2006-12-14. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 1287 - St Lucia's flood: The Zuider Zee sea wall in the Netherlands collapses killing over 50000 people Retrieved on 2006-12-26. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 1481 - Battle of Westbrook - Holland defeats troops of Utrecht. (English)
- ^ Hamilton Spectator: "The Greatest Hamiltonian". (II). Retrieved on 2007-02-11. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 660 BC - Traditional founding date of Japan by Emperor Jimmu.
- ^ a b History of Industry in Hamilton, Ontario. Retrieved on 2007-01-29. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 904 - Sergius III comes out of retirement to take over the papacy from the deposed Antipope Christopher.
- ^ Dow Jones Sustainability Group Index via Dofasco (2000-03-12). 2000 ( MM) was a Leap year that started on Saturday of the Common Era, in accordance with the Gregorian calendar. Events 538 - Witiges, king of the Ostrogoths ends his siege of Rome and retreats to Ravenna, leaving "Dofasco Among World's Most Sustainable Companies". Press release. A news release, media release, press release or press statement is a written or recorded Communication directed at members of the News Retrieved on 2006-12-26. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 1481 - Battle of Westbrook - Holland defeats troops of Utrecht.
- ^ AP. "ThyssenKrupp goes to court over Dofasco", Globe and Mail, 2006-12-26. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 1481 - Battle of Westbrook - Holland defeats troops of Utrecht. Retrieved on 2006-12-26. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 1481 - Battle of Westbrook - Holland defeats troops of Utrecht. (English)
- ^ Reasons for Selection, 2007 Canada's Top 100 Employers.
- ^ "The 1970's Landmark Canadian Advertisements", Marketing Magazine, 1998-09-28. Year 1998 ( MCMXCVIII) was a Common year starting on Thursday (link will display full 1998 Gregorian calendar) Events 48 BC - Pompey the Great is assassinated on orders of King Ptolemy of Egypt after landing in Egypt. Retrieved on 2008-02-21. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 362 - Athanasius returns to Alexandria. 1245 - Thomas, the first known Bishop of Finland
External links
Dapyx Software network: MP3 Explorer | Ebook Manager | Zenithic