Trinidad Express reported that Central Trinidad Steel Limited has closed its factory and retrenched 250 workers.

The company said that it could no longer make a profit because the price of raw material purchased from the ArcelorMittal steel plant was too high. Mr Balliram John marketing manager at Centrin said that "It is not the intention of the company to shut down operations permanently. We are temporarily suspending operations until we can get back on the bargaining table and set a better price."

Some workers protested on the company’s compound, calling on Prime Minister Mr Kamla Persad Bissessar, minister of trade Mr Stephen Cadiz and minister of labor Mr Errol McLeod to intervene. The workers said government needed to regulate the price of billets since there was alleged price manipulation on the steel market.

Protest spokesperson Mr Kenwyn James said employees, especially in the production division, were fed up with being the victims of the price war. He said workers were told to stay home months at a time when it was not economically viable for the company.

Mr James said that "This is the most terrible thing. Unbearable. It happens every year. The company makes the effort to keep the workers employed because they were able to compete with prices. We have been experiencing this for the past 28 years. And the company still held on to have us employed. But we have reached the end of the line where we no longer can tolerate this going home."

In a statement, ArcelorMittal stated Centrin was a valued customer and, as such, has always been afforded priority of supply at competitive prices. The company said that "Steel business in the Caribbean and Central American regions have been severely impacted by spot sales from Asia and Europe, which has reduced our market share in the region. This has proven to be a major challenge for the regional steel industry, and Centrin's current business position could be attributed to this reality. We consider Centrin as a valuable partner and hope that they are able to return to full operations in the near future."

(Sourced from www.stabroeknews.com)