Steel Company That’s Been in Central New York for Nearly 150 Years Could Close

A company that's been making specialty steel since 1876 has been given a potential lifeline after announcing it could go out of business early next year.

After filing for bankruptcy earlier this week, a judge has ruled Crucible Industries will be sold to a new owner.

Bankruptcy Judge Wendy Kinsella ordered Thursday, December 19, that the historic steel plant will hit the auction block on February 4.

Offers have already come in, including one from a a Paris-based steelmaker. EraSteel submitted a $17.3 million offer to acquire the business and its intellectual property.

Crucibles said it filed for bankruptcy due to ongoing financial problems and a plummeting demand for steel.  If the plant shuts down, over 150 employees will lose their jobs.

ORIGINAL STORY: Dec 11, 2024

A company that's been making specialty steel since 1876 could soon go out of business and lose all 158 employees.

Central New York seems to be losing another important employer.

The sad news comes weeks after Rite Aid pulled the plug on its distribution center in Onondaga County, resulting in nearly 250 layoffs.

Two days after the announcement, a massive company Upstate locked its doors and closed without warning.

Read More: Major Rubber Facility Abruptly Closes in New York, 1,500 Lose Jobs

Now, another massive company that has deep ties to Central New York is warning it's about to go belly up and lay off all its employees.

Crucible Industries, a historic steel manufacturer that's served the area for 148 years, confirmed the possible closure.

Crucible owns a roughly 65-acre lot on the Geddes/Solvay town line and employs more than 150 people.

On Tuesday, it filed a WARN notice with the New York State Department of Labor saying its steel manufacturing plant on State Fair Boulevard this March could permanently close.

If that happens, all 158 employees will lose their jobs. The employees are represented by several unions, including United Steelworkers of America, AFL-CIO, Locals 1277, and others.

Crucible claims the closure, which is currently set for March 5 of next year, is economic due to ongoing financial struggles.

The plant is expected to complete shutting down by March 19, 2025.

Crucible Industries President John Shiesley sent a letter to current employees apologizing for the unfortunate turn of events.

The letter said, in part:

I regret that the Company's financial situation has deteriorated to the point where this notice is necessary. I respect the hard work and skills you have brought to your job. I will do everything I can to try to find an investor, lender or purchaser who will continue our operations.

Spectrum News obtained county tax records, which indicate the company owes roughly $700,000 on overdue property taxes. The plant is also appraised for $8.5 million.

While the company could shut down this spring, it is still possible for it to continue operations. Crucible could potentially save itself if it files for Chapter 11 bankruptcy.

The company has filed for Chapter 11 protections before, such as in 2009. The company also survived several strikes and staff reductions over the years.

Here is hoping something can be done to prevent this historic company from becoming a memory.

It's contributed much to America's history, especially when it became a major player in the steel industry in 1900 when 13 plants merged together.

Historic deeds include helping to renovate the Statue of Liberty between 1984 and 1986 by donating corrosive-resistant steel, an important piece to ensure the statue's longevity.

Crucible's titanium alloy was also used in the artificial heart implanted by Robert Jarvik in 1984.

Crucible currently owns over 1,000 patents.

We will find out soon if the company is able to be saved or if it will join the countless other businesses that faded out of New York.

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