“The steel industry has changed dramatically, and as a privately held company, we cannot access the capital required to compete with larger, publicly traded competitors that have newer facilities and modern equipment,” said Chris Ervin, chief executive officer of Alton Steel. 

The company cited issues including aging infrastructure, market competition and industry consolidation as the reasons for the shutdown, reported the Illinois Business Journal. The closure is expected to affect over 250 employees, contractors and vendors. 

“My heart is with the workers and their families, and my focus is on making sure they are not left to navigate this crisis alone,” Illinois state senator Erica Harriss said in an official statement following the announcement.

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