Salaried workers reject proposal, Essar Steel feeling a cash pinch

1

The union members of United Steelworkers Local 2724 representing salaried workers at Essar Steel Algoma turned down a work share plan in vote held Wednesday.

77 percent turned down the proposal. The work share plan was believed to hold off on layoffs as the company tackles poor cash flow. 100 steelworkers were laid off earlier this month.

The news surrounding the city’s largest employer is not looking good. Media reports surfacing yesterday indicate that Essar Steel is in talks with its lenders to go into insolvency.

 

 

1 COMMENT

Comments are closed.