There are new developments in regards to U.S. Steel Canada.
The provincial government has announced that it is backing a bid by Bedrock Industries to buy the troubled steelmaker which remains under court-supervised creditor protection.
The province adds that it has signed a Memorandum of Understanding with Bedrock, terms of which are confidential, but Minister of Finance Charles Sousa says the goal is to achieve the best possible outcome for employees, pensioners and other stakeholders.
Sousa adds that he’s hopeful that will clear the way for a restructuring process that results in a viable, healthy company with continued operations.
The United Steelworkers says it is “encouraged” by the framework agreement and the effort to “address many of our concerns”.
Ontario Director Marty Warren stresses that pensions, benefits and jobs remain their priorities, adding that their goal is get an agreement in front of union members that they can support.