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Essar Steel wriggles out of possible work stoppage at Algoma

Essar Steel wriggles out of possible work stoppage at Algoma
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First Published: Thu, Aug 09 2007. 10 58 AM IST
Updated: Thu, Aug 09 2007. 10 58 AM IST
By PTI
New Delhi: Essar Steel has managed to wriggle out of a possible work stoppage in its newly-acquired Algoma plant in Canada after United Steelworkers union voted to approve a proposed salary-hike by the India steel giant.
“I am pleased to inform that both United Steelworkers locals voted in favour of the company’s offer on 3 August and collective agreements have been ratified with locals 2724 and locals 2251 for a three year term” an Essar Steel spokesman said.
According to terms of the agreement with the United Steelworkers, Essar Steel has agreed to increase wages by 3.5% every year besides promising to improve medical benefits and better deal for the retirees.
Around 95% of salaried workers at the local 2724, who re-negotiated the same terms after 2251 (hourly personnel) got a tentative agreement, voted in favour of the deal, a European online news service on steel industry, Steel Business Briefing, reported.
“Building on the momentum we have developed over the last five years, this agreement is a crucial part of Algoma’s long- term strategy to stay competitive, secure jobs and continued prosperity for both our owners and the community,” the spokesman added.
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First Published: Thu, Aug 09 2007. 10 58 AM IST