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Steelworkers Vote YES to Agreement
with Potential Slater Steel Buyer

Feb. 24, 2004 — Members of the United Steelworkers' Local 4752 have voted 95.3% in favor of an agreement with Delaware Street Capital (DSC). The vote is an important milestone in the union’s fight to save hundreds of jobs at insolvent Slater Steel's Hamilton Specialty Bar operation.

"Our union refused to allow the liquidation and triggered all of the necessary resources including finding and convincing a new buyer to purchase Slater," said Steelworkers' Ontario/Atlantic Assistant Director Marie Kelly.
"We began bargaining with Delaware Street Capital, who advised us that they wanted to purchase our plant.

"We made it very clear to them from the start that a new collective agreement would have to be a mirror image of our current contract and that our retirees would not be sacrificed in this process."

After four days of round-the-clock bargaining, an agreement was reached ensuring protection for current members and retirees.

The union is urging the current owners, the banks and the courts to facilitate a quick sale to DSC.

The agreement protects current members and retirees' pensions and benefits. The contract remains intact including preservation of contracting-out protection; maintenance of vacations and holidays; introduction of a new incentive plan; and wage increases through job combinations.

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