Steel Mills
January 16, 2018
Algoma Unions Unhappy with Contract Negotiations
Written by Sandy Williams
Union workers at Canadian steel mill Algoma are seeking a cut of the company in return for concessions in contract negotiations.
“It was made clear…during the December 2016 negotiations with the consenting creditors that if the members were called upon to make monetary concessions and/or to help Algoma mitigate business risk, then in keeping with prior restructurings they would want to receive some form of equity interest in the restructured entity that was commensurate with the concessions being made and/or risk being assumed,” said union local president Mike Da Prat in an affidavit on Friday, as reported by Soo Today.
