The layoffs affect approximately 280 employees, or 47% of the company's domestic staff. Interim President and Chief Executive Peter Hancock stated that the measure is intended to preserve cash, though staff may be recalled early if operations resume ahead of schedule. The shutdown stems from depleted inventory caused by May sanctions, which effectively severed the supply chain from Sherritt’s flagship joint-venture mine in Cuba.
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Sherritt International Cuts 280 Jobs Amid Alberta Refinery Shutdown
Nearly half of Sherritt International’s Canadian workforce faces a 90-day furlough as the company struggles to restart its Fort Saskatchewan refinery. The facility, a critical node in North American nickel and cobalt processing, has been dormant since late June following a collapse in feedstock supplies caused by U.S. sanctions.
To restore production, Sherritt is navigating federal regulatory hurdles. The company secured an emergency license from the U.S. Treasury Department on October 19, allowing for the transport of fuel and essential materials to Cuba. While the refinery remains offline, Sherritt maintains that it will continue the production and sale of sulphuric acid and ammonia fertilizer from the site.
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