Algoma Steel on July 27 confirmed the company has tabled its final offer to Local 2251 of the United Steelworkers union (USW).
The highlights of the offer are:
- Three-year agreement
- $2,000 signing bonus
- Increased wages by approximately 13.2 percent by the end of three years – 3 percent, 2 percent and 2 percent, respectively, in annual increases, plus an additional 1.4 percent annual estimated cost-of-living increase.
- Increased pension benefits – up to $217 per month for employees with 30 years of service.
- Continued pension windows.
- Increased shift premiums.
- Increased benefits for vision care, chiropractic care, hearing aids and orthotics.
- Renewal of the profit sharing arrangement so that all employees will continue to share in the company's success.
Algoma president and CEO Denis Turcotte said, "Acceptance of this offer by employees is an important part of moving forward. We have all learned from past mistakes and we will not put the company at risk by making commitments today that we may not be able to afford tomorrow. The company offer will improve wages and benefits for all employees, while allowing Algoma to compete moving forward, providing secure employment for the future.
"We respect the right of employees to decide if the company's final offer is acceptable and we hope that all employees will exercise their right by showing up to vote, and doing so in support of the proposal.”
A member of the Essar Group, Algoma Steel Inc. is based in Sault Ste. Marie,
