US Steel Canada may cut retiree benefits

The court appointed monitor overseeing the restructuring of US Steel Canada is backing the company’s proposal to stop paying retiree benefits and property taxes to the city of Hamilton.

The company wants to cut off health benefits for more than 20,000 retirees and scrap some pension fund payments and its property taxes saying it’s the only way to keep it operating.

The court appointed monitor has agreed that it will have to stop operating soon if it doesn’t implement financial measures.

The court hearings are scheduled to take two days – Wednesday and Thursday.