The Stel Salaried
Pensioners Organization wishes to thank The Hamilton Spectator for permission
to post the following Letter to the Editor published in the April 18, 2005
edition
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Apr. 18, 2005. 12:49 AM |
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Stelco's persistent rejection of
suitors |
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By Larry R. Blacklock, Hamilton |
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Stelco seems hell-bent into driving itself into the ground. With an offer such as Brascan's being rejected by the company, what other explanation could there be? People I talk to agree that no matter how many bidders had come forward with good offers, they would have been rejected anyway. Going into receivership was a scam from the start, done to shake the workforce into either retiring early ( so that new workers could be hired on for less pay and benefits ) for fear of getting no pension at all and /or the union into accepting concessions on the existing contract. It all went bad when the price of steel went through the roof. Under these conditions, even mis-guided Stelco couldn't help but make money for a change. The government should force Stelco to explain just why this Brascan deal is so bad for the company -- pronto. |