Steel News

Algoma, United Steelworkers Come to Terms on Tentative Labor Agreement

5/16/2018 - Canadian steelmaker Algoma has reached a tentative labor agreement with unionized workers, possibly clearing one of the last hurdles before its exit from creditor protection, reports The Salut Star newspaper in Ontario.  

“Negotiating the collective bargaining agreements was one of the last remaining impediments to the company’s emergence from (creditor protection). I am optimistic that this puts us on track to meet the July 31 stay of proceedings deadline, pending the resolution of a few matters,” Algoma chief executive Kalyan Ghosh told the newspaper. 

Algoma filed for creditor protection in November 2015 amid a deep slump in steel prices. A group of Algoma’s term lenders later stepped up to buy the business, and they, the United Steelworkers and Algoma have been trying to hammer out a new labor agreement since. 

“We’re definitely excited to bring something to the membership after this exhausting process,” Lisa Dale, president of United Steelworkers Local 2724, told the newspaper. 

The Star has the full story here.