Business Daily from THE HINDU group of publications
Thursday, August 9, 2007
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Business Daily from THE HINDU group of publications Thursday, August 9, 2007 |
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News Update as at 18.00 hrs (IST)
Corporate Essar Steel wriggles out of work stoppage at Algoma NEW DELHI: Essar Steel has managed to wriggle out of a possible work stoppage in its newly acquired Algoma plant in Canada after United Steelworkers union voted to approve a proposed salary-hike by the India steel giant. "I am pleased to inform that both United Steelworkers locals voted in favour of the company's offer on Friday and collective agreements have been ratified with locals 2724 and locals 2251 for a three year term" an Essar Steel spokesman said. According to terms of the agreement with the United Steelworkers, Essar Steel has agreed to increase wages by 3.5 per cent every year besides promising to improve medical benefits and better deal for the retirees. Ninety-five per cent of salaried workers at the local 2724, who re-negotiated the same terms after 2251 (hourly personnel) got a tentative agreement, voted in favour of the deal, a European online news service on steel industry, Steel Business Briefing, reported. "Building on the momentum we have developed over the last five years, this agreement is a crucial part of Algoma's long-term strategy to stay competitive, secure jobs and continued prosperity for both our owners and the community," the spokesman added. - PTI
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