Solvay, New York-based Crucible Industries, a developer and manufacturer of specialty steels and sintered steels for the automotive, cutlery, aerospace, and machine tool industries, has indicated it is under severe financial stress, considering Chapter 11 Bankruptcy and has filed a preemptive WARN (Worker Adjustment and Retraining Notification) notice.
Approximately 158 employees will be impacted by the closure of Crucible's facilities in Geddes, New York.
In a letter to employees, President John Shiesley states that due to "serious financial difficulties," the company will likely file for Chapter 11 bankruptcy. Without a buyer, Shiesley continued, the steel plant is set to close its doors in March of 2025.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something terrible hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. While many employees can read the writing on the wall, why do most assume it’s targeted at someone else? Are you now wondering, Am I Next?