Canadian steelmaker Stelco renewed five-year collective bargaining agreements with its employees represented by three United Steelworkers local chapters, thus averting a strike and potential curtailments, the company said Aug. 22.
"These agreements will provide stability for our employees and their families and provide our customers and shareholders with confidence in Stelco's ability to continue to deliver on its commitments," Stelco CEO Alan Kestenbaum said in a statement. "The inflationary environment we live in has been very difficult on our valued employees and, while it was not always easy, we believe we have worked together with the union leaders to reach a structure that protects both our workers and their families as well as the company during these unpredictable times."
The new deal impacts Stelco employees represented by USW Local 1005 at the company's Hamilton Works and the USW Local 8782 and at its Lake Erie Works, all located in Ontario.
In separate statements, USW Local 1005 said 82.7% of its members voted in favor to ratify the new agreement, while 67% of the members of USW Local 8782 voted to accept the new deal.
Earlier in August, the USW Local 8782 said that its members were in a legal position to begin a strike from Aug. 22. However, the union reached a tentative agreement with Stelco on Aug. 17 before an official ratification vote among its members.
USW contract negotiations are also still underway with Canadian steelmaker Algoma. As of Aug. 12, representatives from USW 2251 agreed to take Algoma's last offer to a vote by employees, according to a release by the company.