Posted March 14, 2020 14:10:33Kreeps has a huge problem in its industrial glass glass steel sector, and it’s a major factor in its huge loss in 2016.
The company reported a loss of $1.8 billion for the year ending in March.
That’s a $3.8 million loss.
That includes $1 billion in pre-tax charges, including $1 million to offset some $500 million in costs related to the closure of its plant in Wisconsin.
The company was forced to declare bankruptcy in April of this year, and has been in receivership since then.
Its board has not yet released its 2017 earnings and it was not immediately clear how much the company is owed.
Kreep is one of the oldest steel makers in the United States.
In its heyday in the 1950s, the company produced a variety of steel products, including bars, tubes, and other industrial items.
In recent years, however, the companies production of glass and other metals has declined due to environmental and labor costs.
Kremeps chief executive officer David Sarnoff told CNBC in April that the company has no plans to close the plant.
However, he did say that he would consider closing it if the company could not find a buyer.