Stelco Holdings Inc. is listed on the TSX under the symbol "STLC"
A previous version of this press release referenced an incorrect date in regards to the term of the collective agreement. The collective agreement runs through March 31, 2017.
HAMILTON, ON, Oct. 23, 2014 /CNW/ - U. S. Steel Canada, Inc., announced today that its employees represented by United Steelworkers (USW) Local 1005 have ratified a new collective bargaining agreement that will extend through until March 31, 2017. The agreement covers approximately 600 employees at the Company's Hamilton Works facility.
"The ratification of a new collective bargaining agreement covering represented employees at Hamilton Works sends a positive signal to customers who rely on high quality steel products produced at U. S. Steel Canada," said Michael McQuade, President and General Manager of U. S. Steel Canada. "Having the stability of a collective agreement through March 31, 2017, will allow the Company to focus on continuing discussions with stakeholders to implement a comprehensive operational and financial restructuring plan."
William Aziz, Chief Restructuring Officer for U. S. Steel Canada, added, "The extension of the agreement with USW Local 1005 sends a strong message of stability to the suppliers and customers of U.S. Steel Canada. Our customers will continue to have a source of high quality steel supply while the Company restructures, without concern of a work stoppage."
U. S. Steel Canada continues to carry on business as usual while it develops and implements comprehensive restructuring solutions. Ernst & Young Inc., as the Court-appointed Monitor will continue to oversee the business and financial affairs of the company during the CCAA process. The Monitor will make information relevant to the restructuring process available on its website at www.ey.com/ca/USSC as it becomes available.
About U. S. Steel Canada, Inc.
U. S. Steel Canada's operations are located at Lake Erie Works, a fully integrated steelmaking facility and at Hamilton Works, home to cokemaking and finishing operations including our premier zinc-coating facility, the world-class Z-Line. U. S. Steel Canada has the capability of producing approximately 2.6 million tons of steel annually and employs approximately 2,000 people.
SOURCE U.S. Steel Canada Inc.