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)