With the court delaying its decision on Stelco Inc.'s refinancing deal with Deutsche Bank, the United Steelworkers is urging that the company ensure that the union's seven principles are adhered to in its capital-raising process.

"We are not going away, and sooner or later this company has to come to its senses," said Steelworkers' National Director Ken Neumann. "Stelco cannot pretend that it is alone in this situation. We have made several overtures to the company only to be treated like outsiders. This cannot go on. The process from here on must be open and transparent."

Neumann said the company is in a good position to entertain several offers, which should involve the union from the outset.

"The condition that prevents prospective purchasers from working with the union is ridiculous, given the pivotal role the union has played so far," he said. "Our influence is felt despite the company's refusal to reach any kind of an agreement with us."

Steelworkers' Local 8782 President Bill Ferguson said it would appear that General Motors was unaware of the documents sent to the company prior to GM's Monday 8 a.m. deadline for assurances of labor stability. GM has now cancelled its 2005 supply contract with Stelco.

The union will be back in court on Thursday to await the Deutsche Bank decision by Justice James Farley.

Source: United Steelworkers of America