Future a Little Brighter for Potential Hamilton Specialty Buyer
07/11/2007 - Reaching a tentative agreement with the possible buyer for Hamilton Specialty Bar, steelworkers say the plant could reopen as early as August.
Members of the United Steelworkers' (USW) Local 4752 will meet next Tuesday, July 17, to review details of an agreement reached with Woodside Capital and Pinnacle Steel. The tentative agreement could potentially lead to the reopening of Hamilton Specialty Bar as early as this August.
The plant had been shut down in May by Delaware Street Capital, leaving union members and hundreds of retirees jobless and without benefits. Delaware acquired the former Slater Steel in 2004.
"In the midst of so much bad news around manufacturing, this potential new life for this plant is incredibly good news," said USW Area Coordinator Tony DePaulo. "Local 4752 has fought so hard to save Hamilton Specialty Bar for its members and retirees. No one deserves a break more than they do."
DePaulo said no details will be released until next Tuesday's 11 a.m. meeting in Hamilton. If accepted, Woodside Capital will seek court approval for the purchase. If approved, the new plant would begin to recall 120 workers with a view to bringing back more over time.
In early May, Local 4752’s President and several USW members occupied the plant; the occupation ended when the company agreed to reinstate retirees' benefits, which had been ended in advance of the closure. At that time, the company also agreed to provide active employees with vacation and unpaid wages.
The USW is Canada's most diverse union, representing more than 280,000 men and women working in every sector of the economy.
