Company said sides agreed to amend defined benefit pension plan; didn't announce details
SAULT STE. MARIE, Ont.—The union representing workers at a steel plant in Sault Ste. Marie, Ont., has reached a tentative three-year deal with management, dodging a potential strike.
The United Steel Workers (USW) union Local 2251 and Essar Steel Algoma announced the agreement between the two sides that “gives the business the stability it requires to survive this market cycle and provides our employees, customers and suppliers with the security they need and deserve.”
Prior to the announced agreement, the union said Essar Steel had proposed putting less money into the pension fund than required by current government regulations.
The local had been seeking to changes in changes in workplace conditions and other non-monetary issues as well as benefit and wage improvements.
Essar Steel says the two sides have agreed to amend the defined benefit pension plan, but didn’t announce details.
India-based Essar Steel acquired Algoma Steel in 2007.
—With files from The Canadian Press