The United Steelworkers announced that it is firmly opposed to the deal between Deutsche Bank and Stelco Inc. and will oppose it in court on Nov. 22.

At a meeting of Stelco Steelworker locals in Toronto, the union made clear that the Deutsche Bank interest in Stelco is of no benefit to union members, retirees and their survivors, and the community at large.

The Steelworkers had released a statement highlighting seven principles the unions would use to evaluate any plans to restructure Stelco. Chief among the principles is the requirement that Stelco be restructured as one company, not sold off in parts, and that the restructuring not require any concessions from the unions. Following a meeting held Monday with Deutsche Bank, steelworker representatives stated that “the bank is not prepared to work within any of the principles.”

The union is planning to meet with prospective Stelco buyers that are prepared to work within the Steelworkers' seven principles. The United Steelworkers also intends to meet with GM to ensure that GM understands what has created the current impasse.

Stelco still has not reached an agreement with Local 8782 (Lake Erie) and Local 5220 (AltaSteel). A recently announced tentative contract agreement with General Motors, Stelco’s major customer, is conditional on the company reaching a collective agreement with Local 8782 by Thursday, Nov. 18.