Thursday, March 28, 2024

Timer

Stelco and Bedrock deal leaves pensioners unsure about the future

First Published:

[projekktor id=’26396′]

A proposed deal to sell Stelco to Bedrock Industries is facing local opposition. The union representing Hamilton Steelworkers is saying the deal is too “lean”. The local 1005 says they’re not opposed to Bedrock buying Stelco, they just want more money going into the pension deficit than what’s being promised.

Roughly 540 people currently work at Stelco which was once the largest steel maker in the country. Stelco, recently renamed by its current owner US Steel Canada, is looking to restructure after a deal with Bedrock Industries but the sale needs court approval.

Experts say the proposed sale satisfies two major creditors: US Steel in the States, and the Provincial Government.

While Bedrock has promised to keep retiree pensions and post retirement benefits, the president of the union representing steel workers doesn’t like the deal. There are currently 14,000 Stelco pensioners and 800 million is owed to the pension plan. Bedrock hasn’t agreed to cover that whole amount, or even pay it off over time.

More Top News

1 person in critical condition after house fire in Hamilton’s east end

One person has been hospitalized in critical condition after they were found without vital signs in a burning home in Hamilton’s east end Thursday...

Bullet casings confirm shooting occurred on Hamilton Mountain

The discovery of spent bullet casings has confirmed that a shooting took place on Hamilton Mountain late Tuesday, police say. Shortly after 8 p.m., officers...

Federal offender known to frequent Hamilton at large, again

The OPP are searching for a federal offender they say is known to frequent the Hamilton area. 31-year-old Daniel Hale is described as an Indigenous...

Four Ontario school boards sue Facebook, Instagram, Snapchat and TikTok

Four of Ontario's largest school boards are suing the parent companies of Facebook, Instagram, Snapchat and TikTok alleging the social media platforms are disrupting...

No injuries after fire at Niagara’s Best Inn hotel

A fire at Niagara's Best Inn hotel broke out late Wednesday. Emergency crews were called out to the structure fire on Ferry Street around 10:30...

Man crashes car in Stoney Creek after fleeing traffic stop

A Hamilton man is facing charges after he allegedly tried to flee a traffic stop and then crashed his vehicle in the city's east...

1 person in critical condition after house fire in Hamilton’s east end

One person has been hospitalized in critical condition after they were found without vital signs in a burning home in Hamilton’s east end Thursday...