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Steelworkers Union Calls on Banks to Act Now to Approve DSC-Slater Deal

March 4, 2004 — Wayne Fraser, Ontario/Atlantic Director of the United Steelworkers, said at a news conference on Wednesday that the Toronto Dominion and Scotia Banks must act now and accept the $13-million offer by DSC Managers LP to purchase Slater Steel's Hamilton Specialty Bar Division to save hundreds of good-paying jobs.

The news conference was held during shift change outside the Hamilton plant, where hundreds of Slater employees and their supporters expressed frustration at having an offer on the table while the banks hold out for more.

"Time has simply run out," said Fraser. "If we do not hear positive feedback from the banks by noon tomorrow (Thursday, March 4), we will begin an aggressive campaign amongst the citizens of Hamilton to persuade them to pull their accounts from these banks."

Fraser said the union wants to know by noon tomorrow that DSC's offer has been accepted or a demonstration will go ahead in front of the TD Bank at 100 King Street East in Hamilton.

The union's Assistant Ontario/Atlantic Director, Marie Kelly, added: "Our union and its members have worked very hard to reach and agreement with DSC in order to save this business and facilitate a sale. "We have a collective agreement in place that would save hundreds of good-paying jobs, and protect the pensions and health insurance of more than 400 retirees and surviving spouses.”

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