Press release
Algoma Steel Confirms USW Local 2251 Agree to Take Offer to Employees for a Vote
Operations Continue in Ordinary Course during Voting Process SAULT STE. MARIE, Ontario, Aug. 12, 2022 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ:
About this update from Algoma Steel Group Inc.
[{"type":"text","content":"Operations Continue in Ordinary Course during Voting Process\nSAULT STE. MARIE, Ontario, Aug. 12, 2022 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma” or the “Company”) announced today that United Steelworkers Local 2251 (“2251” or the “Union”) have agreed to take the Company’s last offer to a vote by employees in the affected bargaining unit. Operations will continue in the ordinary course during the voting process, and the Union has agreed to provide advance notice to the Company to allow for a safe and orderly shutdown of operations in the event the Union instructs employees to go on strike. Algoma President and Chief Executive Officer Michael Garcia commented. “We respect the collective bargaining process and are pleased that our employees will have their say on a matter of such critical importance to their livelihoods, the lives of their families, and fellow community members. The Company has offered a non-concessionary, top-of-market wage and benefit package which includes a 5.5% wage increase, continuation of COLA, significant improvements in pensions and benefits for employees, and enhanced retiree benefits over a four-year term that delivers the stability needed to ensure a successful transition to electric arc steelmaking. A signing bonus is also included contingent upon no disruption to operations and uninterrupted shipments to our customers.” He went on to say, “If ratified, this agreement will help to secure our collective future, provide for sustained profitability even at the bottom of the steel cycle, and allow us to maintain the phenomenal momentum we have generated together since emerging from CCAA.” Cautionary Statement Regarding Forward-Looking Statements This news release contains “forward-looking information” under applicable Canadian securities legislation and “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements), including statements regarding the anticipated impact of the coal conveyor fire. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “provide,” “pipeline,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,...