Le Lézard
Classified in: Mining industry

Steelworkers Cautiously Optimistic over Stelco Investment Plans

HAMILTON, ON, Sept. 28, 2017 /CNW/ - United Steelworkers (USW) officials are cautiously optimistic regarding the Stelco Holdings Inc. plan for an initial public offering that will result in capital investments in steelmaking operations and payments into pension and benefit plans.

"We always support investments that expand and upgrade our manufacturing facilities and that preserve and create good, family-supporting jobs. We welcome the promise of funding to pension plans and to post-employment health benefits for workers and retirees," said USW Ontario Director Marty Warren.

"While the full details and implications of Stelco's IPO plan remain to be seen, we are hopeful it will result in new investments and commitments to workers and pensioners in our communities," Warren said.

"We are encouraged by Stelco's capital expenditure plans that include enhanced production of advanced steels, the installation of annealing furnaces in Hamilton, restarting Hamilton's temper mill and upgrading the dock facility at Lake Erie Works in Nanticoke," he said.

"We know that, given the quality of its workforce and the products it produces, Stelco represents a great investment opportunity. Our members at Stelco's operations are highly skilled workers who produce the highest-quality products of their kind in the world."

The USW also expects Stelco's new owners to work with the union to build a productive labour-management relationship, following years of strained relations with the previous ownership, Warren said.

"Commitments were made to our members during recent collective bargaining to resolve these issues and make lasting improvements, and we expect the employer will work with us to fulfill those commitments," he said.

SOURCE United Steelworkers (USW)

These press releases may also interest you

23 mar 2018
Newrange Gold Corp. ("Newrange" or the "Company") is pleased to announce the closing of the second and final tranche of a private placement by issuing 518,000 units (the "Units") at a price of CAD $0.28 per Unit (the "Private Placement"), for...

23 mar 2018
Barrick Gold Corporation ("Barrick") today announced that its 2017 Annual Information Form, Form 40-F, Annual Report, and Information Circular are now available on SEDAR (www.sedar.com) and EDGAR (www.sec.gov), respectively.   In addition, a new...

23 mar 2018
Chatham Rock Phosphate Limited wishes to advise shareholders of a significant development overseas that should have a very positive indirect impact on Chatham. Today Nasdaq-listed Odyssey Marine, that holds 53.9% of the Don Diego offshore Mexico...

23 mar 2018
INV Metals Inc. ("INV Metals" or the "Company") announces that it recorded a total loss from continuing operations of $4,758,001 or $0.05 per share for the year ended December 31, 2017, compared with a total loss from continuing operations of...

23 mar 2018
Sigma Industries Inc. , a manufacturing company specializing in the production of composite components, announces the execution of the necessary investment following last December's announcement of an important long-term contract. This is an...

23 mar 2018
Chakana Copper Corp. (the "Company" or "Chakana") is pleased to announce that, further to its news releases on March 8 and 12, 2018, it has successfully closed a private placement led by Eventus Capital Corp. (the "Agent") of 8,888,889 common shares...

News published on 28 september 2017 at 13:17 and distributed by: