The Great Depression is a period in world history that is characterized by a surge in the number of unemployed people and the increasing number of companies that closed down because of a grave economic crisis. In the United States and Canada alone, millions of citizens were affected by the financial crisis, and thousands of businesses had to close down because of bankruptcy. The 1930s period is mostly associated with the Great Depression, and people living during this decade had to cope with the surging prices of basic goods and services.
The National Steel Car is a Canadian company that was established in 1912. Before the Great Depression hit, the National Steel Car is considered as one of the best-performing companies in Canada. They even considered the 1920s as their golden age years, being able to sell a lot of rolling stocks and receiving many investments from private individuals. Little did the founders of the National Steel Car knew that their company would experience the greatest challenges a decade after their golden age years.
The National Steel Car started to experience the effects of the Great Depression after many of their investors began backing out, getting the cash they invested from the company and leaving without a trace. When Canada was already bracing the effects of the Great Depression, the National Steel Car is one of the companies that have started to introduce harsh methods to prevent the company from being bankrupt. Dozens of employees working for the company were laid off, and the National Steel Car had to produce other products than rolling stocks to keep them going. If the National Steel Car never developed other products, they would end up bankrupt as well. They started producing vehicle chassis, and other vehicle parts, to survive the Great Depression. Find Related Information Here.
When the economic meltdown came to an end, the National Steel Car is one of the few companies that remain. The owners of the rolling stock producing company started to work hard to get back on track, and through the years, the company went from one owner to another. James Aziz bought the company in 1994 and brought drastic changes. Gregory J Aziz managed to lead the company through the Economic Recession in 2008, surviving the new economic crisis. Today, Gregory James Aziz is proud to say that the National Steel Car is a real performer, and he claimed that the company would become stronger than ever.