Steelworkers support Tembec recapitalization plan



    BURNABY, BC, Jan. 4 /CNW/ - United Steelworkers' (USW) Wood Council Chair
Bob Matters has announced the union's support for Tembec Inc.'s proposed
Recapitalization Plan, which the union says will position the company to
weather the crisis caused by the Harper-Bush Softwood Lumber Agreement, the
high Canadian dollar and the state of the US economy.
    "Our union represents about 1,200 Tembec employees working in BC and
Ontario," said Matters, "Their employment and the social and economic health
of the rural communities where they work and live are at risk."
    USW members work in Canal Flats, Elko and Cranbrook, BC and in Chapleau,
Cochrane, Hearst, Huntsville, Kapuskasing, Mattawa, and Timmins, ON. All are
forest-industry-dependent communities that have contributed greatly to the
provincial and federal economies.
    "As shareholders, both figuratively and literally, our members applaud
this initiative in the current crisis that has been largely ignored by the BC,
Ontario and federal governments," added Matters.
    The Recapitalization Plan will convert bond holders' debt into new
equity, reduce the company's interest payments, and permit Tembec to access
new liquidity.

    The USW is Canada's most diverse union, representing more than 280,000
men and women working in every sector of the economy.




For further information:

For further information: Bob Matters, (604) 683-1117 or (604) 996-4476


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