HAMILTON, ON, Nov. 1, 2016 /CNW/ - The United Steelworkers is cautiously optimistic about an agreement between Bedrock Industries and U.S. Steel, announced today, for the purchase of U.S. Steel Canada (USSC) operations in Hamilton and Nanticoke.
"U.S. Steel Canada has been under bankruptcy protection for more than two years now. We believe the agreements reached by Bedrock Industries – first with the Ontario government and now with U.S. Steel – represent the best opportunity to date for the restructuring and continued operation of U.S. Steel Canada facilities," said USW Ontario Director Marty Warren.
"We are cautiously optimistic that the agreement between Bedrock Industries and U.S. Steel can be a positive step towards a successful restructuring of the former Stelco operations in Hamilton and Nanticoke," Warren said.
"However, there are outstanding issues that must be addressed, including negotiating new collective agreements with our Local Unions that secure jobs and provide protection to our retirees, as our members will have the final say through a ratification vote."
USSC's steel plants in Hamilton and Nanticoke have been operating under court-supervised creditor protection since September 2014, under terms of the Companies' Creditors Arrangement Act.
The Ontario government today welcomed the Bedrock Industries-U.S. Steel agreement, stating, "another important step has been taken towards the completion of USSC's restructuring that will save jobs, protect pensions and assist in providing post-employment benefits for active and retired employees."
The province reached a framework agreement with Bedrock in September to facilitate a USSC restructuring.
SOURCE United Steelworkers (USW)
For further information: Marty Warren, USW Ontario Director, 416-243-8792, firstname.lastname@example.org; Tony DePaulo, Assistant to the USW Ontario Director, 416-243-8792, 905-869-0760, email@example.com; Denis St. Pierre, USW Communications, 416-544-5990, 647-522-1630, firstname.lastname@example.org