The Presidents of five Steelworker local unions at Stelco Inc., the President of the Hamilton Chapter of the Steelworkers Organization of Active Retirees (SOAR), and the United Steelworkers' Ontario/Atlantic and Canadian National Directors have reaffirmed their strong commitment to fight for pensions and jobs for all Steelworkers and Steelworker retirees at Stelco.

The union leaders emphasized their responsibility to do everything they can to secure the pensions and the future of Steelworkers and pensioners. "We have a plan that does not put our pensions at risk," said Steelworkers' Local 5328 President Scott Duvall. "Members and retirees are Stelco's largest creditors. The only question is what we're going to do about it. The Steelworker Locals and SOAR have worked closely with the international union to put together a plan that protects pensions and uses our status as a creditor to have some control over the process."

"We have been a part of this process since the beginning," said Steelworkers' Local 6951 Vice-President René Bissonette. "We are directly affected by what happens to Stelco. Some of the retirees from our local belong to the same pension plan as Local 1005 retirees. We must be present and active so that we can have a say in the decisions that will impact the long-term viability of the company."

"Local 1005's decision not to participate in the process has been respected by all five locals and the international union," said Steelworkers' Local 3258 President Guy Gaudette. "But Stelco's plan creates an untenable situation and virtually insures another bankruptcy, so we are fighting against it.

"Stelco's plan addresses the senior bondholders' demands at our expense and the company's. The Steelworkers' plan, however, addresses the issues, which make the difference between a steel business with a future and a future insolvency. Our plan injects $500 million in the pension plan and guarantees payment of the remaining $1.3 billion deficit. Our plan also provides investment for capital expenditures, less debt and more cash."

"We can't ignore the fact that Stelco is in CCAA protection, and they have an obligation to our members and pensioners to fund the pension plan," said Steelworkers' Local 5220 President Paul Perreault. "We can't stick our heads in the sand and hope that everything will work out for the best. We have to work for a Steelworker plan."

"We are opposing Stelco's plan because it threatens our pensions and the entire company, including Hilton Works," said Steelworkers' Local 8782 President Bill Ferguson. "Our proposal is the only one that would save pensions. The international union's assistance in analyzing the company's proposals and providing credible, meaningful alternatives to restructure Stelco has been invaluable."

"The Steelworkers' restructuring proposal does not require a single change to Local 1005's collective agreement," said Steelworkers' Ontario/Atlantic Director Wayne Fraser. "We're fighting against the Stelco Plan, including its proposed 10-year pension freeze. At the same time, we respect Local 1005's decision to maintain their collective agreement, unmodified."

"The Steelworkers will continue to fight to protect our pensioners and to build a viable company in the long-term," said Steelworkers' National Director Ken Neumann. "We have put forward a plan because to do nothing would be to support Stelco's Plan, which does not address our concerns. Entrenched Stelco management, the financial speculators and others may rail against our proposal, but we are ready for the fight."

"We understand what the international union and the five locals have done in finding Tricap," said SOAR Hamilton President Ray Silenzi. "Without their hard work, we would be lost. The only way to win is to be on the field, where we belong."