The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

PAGE 12, WHYFBY FREE PRESS, WEDNEsDAY, MAY 27, 1992 Hutchinson now heads British company By Maro Boucher Lasco Steel president Lew Hutchinson recently moved te England te take over the ope- rations cf Sheerness Steel Com- Ifutchinsen was asked te become managing-directer of Sheerness ini Kent, England on March 1, 1992 following change- overs fiCo-Steel ic. Sheerness Steel Company began operatiens ini 1972 and is very similar-.i size and in pro- 'ducts to Whitby's Lasco Steel. Sheerness won. a prestigieus award, Invester in eople, last year ini recognition of improved perforýmance of its employees through training and ,cévelop- ment programs. Deug Holtby, vice-president cf steelmaking for Lasco Steel, says Hutchinson left on fairly short notice and was deemed the best eLipdindividual within Co- ~elInc. te relocate overseas and take -cotrol of Sheerness at this point. Hutchinson joined the cern- pany in 1967. Ho becamie pre- sdeunc Lasco Steel in 1985. A replacement for Hutchinson bas net been found yet, but-the management team at Lasce is doing fine at this time, says Holtby. Your Financial Health Derek Dutka. ISAFa T anniiWib h Ohanvrayo u recently had a display recognizing company. ot MrkBSr,- byim M Lasco: expands- its basel By Marlo Boucher Lasco Steel, Whitby biggest industry, contiues te weather the stormy récession. The compauy bas adapted te the- current ecouomic situation by e andig its base te- areas outaide of Canada, including Asia and the Middle-.East, says Deug Holtby, vice-president of steelinalingwith Laàco. This has provided a more diverse market and a new area te premete. their* product off- shore, he says. Lasco has, a eygorpu tatien as aus lier ofquafll products and it o ps te increase i ts international profle, he says. Holtby samys the company knows one cf the keysto success nowadays is te recgnze the neecis cf custemers and satisfy that demand with excellent.cus- tomer service. "If you look at the- economic cfrcumstances in Canada and in the United States... as specific te * ur own circuinstances, this is an extremely depressed market and bas been se for over a long period of time... "... the recession in Canada is two years old and that market bas obviously necessitated pretty teugh decisions' for virtually every business in the country and in the province,» he'says. This has meant taking action te reduce the overail empîciyment- nuinhers te approiately 760, from about 940 employees two years ago he says. "I would sa right now tbat Lasco is proba , y, for a compan-y of its size, manned, and saffed quite appropriately for its mar- ket," he says. Holtby says there are ne plans te lay off any, more empîcyees and'at this point, «we'rea pretty lean 'organization and if, there were te ho any other- changes from the standpoint cf maning,ý it would not, come as a major reduction in workforce, it would typically happen through, attri- tion" such as retirement- and employees who quit and whose position is deemed unnecessary te replace. "Lasco is probably the second- largest employer i Durham Region andhlas enjoyed the epportunity te expand*its ope- ration over several periods cf time," he says. Lasco Steel Was built'in 1963 in Port Whitb1, and opened in May cf 196,. with founder Gerald Hffernýan the dniving force bebind its establishment. Lasco 'Steel is oeeof four copanies, owned by, Co-Steel mC. along' with Raritan ARiver Steel Company in Perth Amiboy New Jersey' Sheerness Stef Company in kent, En glan d, and Mayer Parry' Recycling -Ltd., recently created for expansion by Co-Steelinc, for its European operations. Co-Steel hic, lest $5.5 million in earnings last year but was oe cf the few companues te continue te do well despite the recension with reported earnings in, each quarter cf 1991 fer atotal $48 million generàted last year.- Lasco -1 teol's pproctucts indude rebars, angles, channels, rounds, flats and grader blades used %ya wide vaniety cf companies. , e company recycles, all its, raw materials. Holtby started with- Lasco Steel in June 1964, a month after the company's opening. "I started'with Lasco at that time working in the'shopg as an hourly employee and have enjoyed opportunities tbroughout the years te take. advantage. cf eue cf Co-SteePs philosophies, which is te develop thefr owu people and as much as'possible te make proisin for pro- motions from wZithin,» he says. Fnnclal i me now for an overview of your financial health! Co ncep DEREK DUTKA Serving the Whitby-OhaaAe . ...Gr9L ,p ..... . 416-43ý4-6119;- Registered education savinïs plans -With thie skyrocketingz costs of post-secondary education, the time for saving for your c-blîdren'. education in now. Today such expenses as bogcks, tuition, food and lodging can reach as luh as $50 fr a four-year university education. In 20 years, that figure could reach $93,OO0. As a parent, yeu wul have to pay fo t with after-tax dollars. So, how can you ever afford to send your cbildren te university? There are a nuinher of ways te meet this challenge. A traditional method is te save family.aýIownce Paymenta. For gexamle you could invest this money in Canadà SBavings Bonds C B;5 > your childrensé names. Sînce you have alreay declared these baby bonuses inyour income interest earned on the CSBO belonga te your clden. f the interest is your children's onfly source ofmncome it will not be taxed. A monthly investment Of $à~.38 in CSBs epuded for 18 years at 10 per cent will ho wortb about 150byteim your child is ready ?br university. If you chilâ attends a local uiniversity, this money will go a long way.'But it will net ho much ifhleor shede"des te atendasàchoo[0eutof town.' -Another xnethod of rovi»ding for youir child's- education is through a Registered Educ avin"go Plan (BESP). An-RJESP is a government-=approved 1 a that enablespafrents te save for their children's os-condai educatien. IThlke a Registered Retirement Savings Plan P) iP wbich contributions are tax deductible, contributions te an REP are made with after-tax dollars, but, like an RSP, earnings "ihi the RESP are sheltered and compound-tax-free. You can buy an RESP with several non-profit or zatons such as Canadian Scholarship Trust Foundation. Accumulated contributions, usually made monthly or annually, forma the principal that finances the firat year of education. at a umiverésity, technical institute or collège. Accumulated interest on 'the principal- creates 'scholarslups' that' pay for each subsequent year. However, your child may decide net te attend. a poet-secondary institution or returu alter the first year. If that apeens, hie or she will net benefit fromn the 'scholarships.' Aillhe. or sohe can receive1 is the--principal. Only -those who continue attendingsochool can benefit from the RESP. Start now se your child will -beneftfrom long-tenu compound gowth. When you cbild is ready te enter university or college, recorshe willho securefinancially.Hliser her future ilIbeh«e money in the bank. -1 t, 1