US Steel posts Q2 $79 million loss, blames labour dispute and a slow economy.
Workers at the Lake Erie Works have been locked out since April 28.
NANTICOKE, Ont. — Locked out workers at the US Steel plant in Nanticoke, Ont., voted against the company’s latest offer.
The Hamilton Spectator reports 1,000 members of United Steelworkers Local 8782, locked out at the Lake Erie Works since April 28, voted 71% against the offer, which include a reduction in cost of living allowances, caps on vacation entitlements for new employees, higher benefit co-payments, and no wage increase but $1.01 in COLA payments under the old contract would be rolled into wages.
See Hamilton Spectator article: Union rejects final contract offer from US Steel
The vote came two days after US Steel Corp. posted a loss of $78 million in the second quarter compared to net income of $101 million in the same period last year.
Chairman and CEO John Surma said the results were affected by the ongoing lockout in Nanticoke and a slowing in global growth.
US Steel, which produces steel for everything from cars to building construction, bought Hamilton, Ont.-based Stelco in 2007.
The Lake Erie Works sites makes 2.25 million tonnes of slabs and three million tonnes of high-quality hot rolled coils per year.
© 2013 The Canadian Press