This is from 5 days ago. The Friday sessions with the steelworker locals 2251 are being held this Friday Jan 20...
The creditor protection ends Jan. 31 and tangible progess in the bargaining with the union will be needed in order to extend this deadline....otherwise the company faces liquidation.
I doubt the unions want to risk liquidation so close after Christmas.
Would make sense for the unions to show big progress with negotiations so the deadline for bankruptcy can be exended by another ....month...or so...to finalize restructuring or aquisition..
http://www.kisssoo.com/2017/01/13/contract-talks-ahead-restructuring-deadline-essar-steel-algoma/
http://www.usw2251.ca/viewarticle.php?a=NDA1
This week, Essar Steel Algoma served notice to bargain with both Steelworker Locals 2251 and 2724.
This ahead of a restructuring deadline that arrives at the end of the month and in the 23rd report filed by the court appointed monitor in the restructuring proceedings, Ernst and Young states that tangible progress in the negotiations is especially important as Essar Steel Algoma will be seeking an extension in the restructuring process.
Both collective bargaining agreements have expired for Locals 2251 and 2724—-2251 the largest Steelworker Local represents hourly workers and their contract expired at the end of July.
Essar Steel Algoma management has advised the court monitor that discussions with the unions will commence this week. Meantime Steelworkers Local 2251 has scheduled special membership meetings in a week’s time.
Three sessions are scheduled for next Friday at the Quattro Hotel at 9:30 am, 3:30 and 7pm to discuss the company’s position regarding bargaining.
The monitor’s report filed January 9th also summarizes Algoma’s year-to-date operating resultes for fiscal 2017.
For the first nine months, the company has managed operating earnings of approximately 80-million dollors—that’s earnings before interest, tax, depreciation, amortization and restructuring costs.
