Steelworkers ratify agreements in Stelco restructuring
New contracts maintain wages, benefits, pensions and other terms for 540 USW members.
HAMILTON — United Steelworkers (USW) members at Stelco operations have ratified new collective agreements with US-based Bedrock Industries, key steps in the steelmaker’s plan to emerge from nearly three years of bankruptcy protection.
Ratifying the collective agreements was a key requirement for Bedrock to obtain court approval of its plan to purchase the former US Steel Canada operations in Hamilton and Nanticoke now operating under their original name Stelco.
The new contracts maintain wages, benefits, pensions and other terms for 540 members of Local 1005 and 1,100 members of Local 8782. Health benefits will be restored for 800 pensioners from the Nanticoke plant.
Approximately 15,000 pensioners and dependants from Local 1005 will receive only partial reinstatement of their benefits.