Proposal would preserve 2,100 jobs at the company’s facilities in Hamilton and Lake Erie.
Cuts follow an earlier round of of 1,200 jobs cuts by the manufacturer in October.
Union says ongoing problems at Essar Algoma, US Steel threatening up to 100,000 industry jobs.
Company expects the split to be complete by the second half of 2016.
Steelworkers union and the City of Hamilton have filed a joint motion in Superior Court.
North America’s largest fabricator of steel construction products sees net income surge 45%.
$4.5M project will expand fabrication shop and to purchase automated equipment to increase production capacity.
Rescinded layoff notices were issue during an overstock due to backlogs on exports by rail.
Regulation allows for fixed payments over the next three years and extends amortization period to 2024.
The union says AltaSteel is making extreme demands and trying to undercut union representation.
Federal fines include two dozen violations at Canton, Ohio manufacturing plant.
Sides divided over elimination of cost-of-living wage increases, vacation time reductions.