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Algoma Steel Reaches Tentative Agreement with USW Local 2251
07/31/2007 - Algoma Steel reaches a tentative agreement with United Steelworker Local 2251, the bargaining unit for its hourly employees.
Algoma Steel Inc. has reached a tentative agreement with United Steelworker Local 2251, the bargaining unit for its hourly employees.
The announcement follows Algoma’s pronouncement of its final offer late last week. According to the company’s release, the three-year agreement features a 13.2% wage increase by the end of three years, increased pension benefits, increased shift premiums, and a number of other improved benefits. The new agreement would also renew the company’s profit-sharing plan.
To provide sufficient time for a member review and vote, the company said it would extend the current collective agreement, which would otherwise expire at midnight on July 31st. The review meeting is currently scheduled for Wednesday, August 1, and the vote is scheduled for Friday, August 3. No further details will be released until Local 2251 has had an opportunity to meet with its members.
A member of the Essar Group, Algoma Steel is based in Sault Ste. Marie, Ont. As a fully integrated steel producer, Algoma's revenues are derived primarily from the manufacture and sale of rolled steel products including hot and cold rolled sheet and plate.
