WHAT: Rally for striking miners at Potash Corporation of Saskatchewan
WHERE: One Madison Ave (between 23rd and 24th)
WHEN: Noon, Wednesday Sept. 17
WHO: Members of United Steelworkers and their supporters
NEW YORK, Sept. 17 /CNW/ - Members of the United Steelworkers' (USW) from
the Canadian province of Saskatchewan, on strike for a month against the
Potash Corporation of Saskatchewan (PCS), will attend the Credit Suisse
Chemical Conference today, where PCS Executive Vice President and Chief
Financial Officer Wayne Brownlee is scheduled to speak.
The Steelworkers and their supporters will be handing out information
about PCS's performance since the strike began in late July-early August.
Although all major fertilizer stocks have declined since this dispute
began, PCS has been particularly hard hit. Shareholders need to understand
that PCS is responsible for this dispute and is in a position to resolve it.
USW members first picketed one of three PCS mines on July 28. On July 25,
the last day of trading before strike action began, PCS shares closed at
$202.27 on the New York Stock Exchange. By Sept 5, this price had fallen to
$162.05, down 20 per cent.
In the second quarter of 2008, PCS reported an after-tax profit of $905-
million. This quarterly profit equals a weekly profit of $70-million. These
figures imply that each week of the strike is costing PCS about $14-million in
In addition, in Western Canada's hot labor market, many skilled
tradespeople are finding new jobs, leaving a skills gap once the strike ends.
Steelworkers are in New York to urge Brownlee and PCS to get back to the
bargaining table and work towards ending the strike.
The USW is North America's most diverse union, representing about than
850,000 men and women working in every sector of the economy.
For further information:
For further information: Jon Vandenburgh, (412) 576-2561