Closure
With no purchasers from the private sector and tumultuous steel markets during the 1990s, the provincial government began to seek ways to rid itself of SYSCO. Numerous proposals for sale to foreign and domestic companies came and went, raising and lowering the hopes of Sydney and its surrounding area each time announcements were made and then promises broken.
Finally, the Progressive Conservative government of John Hamm opted to sever provincial funding for the company entirely upon being elected in 1999. In July 2001, it was announced that SYSCO's mini mill was being sold to an Indian company named Zoom Developers who planned to dismantle it and ship it overseas.
Despite worker protests, SYSCO's steel production was shut down that year and the workers have been helping to dismantle the entire facility for site remediation.
Read more about this topic: Sydney Steel Corporation