NEW YORK (TheStreet) -- Shares of Cameco Corp. (CCJ) are lower by -2.40% to $19.51 in mid-afternoon trading on Wednesday, following the company's announcement it has to shut down production at its McArthur River mine and Key Lake mill, after receiving a strike notice from the United Steelworkers Local 8914.
The union told the uranium producer it will begin a strike at 12:01 am on August 30.
Cameco said the work stoppage involves approximately 535 unionized employees at its two locations, but added that it doesn't expect the strike to affect the company's 2014 uranium delivery commitments to its customers.
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The McArthur River mine and Key Lake mill are both located in Saskatchewan, Canada.
Separately, TheStreet Ratings team rates CAMECO CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate CAMECO CORP (CCJ) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we find that the stock has experienced relatively poor performance when compared with the S&P 500 during the past year."