Wisconsin Steel Industries Inc which has been in business for nearly 70 years has filed for Chapter 11 bankruptcy protection.

The company, which filed a voluntary bankruptcy petition on January 22 with the US Bankruptcy Court in Milwaukee, remains in operation and continues to provide metal heat treating and blasting services at its factory at 1225 S. 41st St in West Milwaukee.

According to court documents, Wisconsin Steel Industries has 22 employees and had sales of about USD 3.5 million in 2008.

According to the documents, Court documents list Heartland Wisconsin Corp., Milwaukee, as a secured lender. Wisconsin Steel owes Heartland USD 1.9 million, including principal and accrued interest on a promissory note and attorney fees.

(Sourced from Business Journal)