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Steelworkers Urge Quick Action
to Facilitate Slater Steel Purchase

Feb. 25, 2004 — The United Steelworkers is proceeding with a motion to be filed on March 1, calling on the court to postpone the liquidation of Slater Steel. The delay would allow Slater Steel and Delaware Street Capital (DSC) time to negotiate the sale of Slater’s Hamilton Specialty Bar Division.

"DSC is a company that understands that the real value of a company is its workforce, and that a restructuring should not be conducted on the backs of workers and retirees," said Marie Kelly, United Steelworkers Assistant Director of the union's Ontario/Atlantic District. "They were prepared to recognize what the members of Local 4752 have always known — that generations of Slater workers have made a quality product that should continue to be manufactured by Steelworkers in Hamilton."

Kelly said sale to DSC would ensure that production is not interrupted for any reason, and that customers experience a seamless transition from Slater to DSC.

On Sunday, members of Local 4752 voted 95.3% in favor of an agreement with DSC, which would preserve current members' and retirees' pensions and benefits, along with wage increases through job combinations, a new incentive plan, maintenance of vacations and holidays and protection against contracting out.

"We view DSC as a progressive company prepared to work with the union to create a new operation that works in the interests of all concerned," said Kelly.

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