The Stel Salaried Pensioners Organization wishes to thank The Hamilton Spectator for permission to post the following article by reporter Naomi Powell, published in the August 28, 2007 edition
Takeover of last Canadian steelmaker 'a blow
to the psyche' -- union boss
The Hamilton Spectator
(Aug 28, 2007)
Though optimistic about workers' prospects
under the ownership of U.S. Steel, the international president of the United
Steelworkers is disappointed the sale will add to the foreign buyout of
Canada's mining, aluminum and steel sectors.
"I'm pleased our members will be in
with a stable company," Leo Gerard said yesterday. "I'm pleased U.S.
Steel will be stepping up to guarantee pensions and commit to maintaining jobs
and operations in Hamilton. My disappointment is that it's part of the
dismantling of Canadian infrastructure."
Rolf Gerstenberger, president of the United
Steelworkers representing workers at Hamilton Steel, said the takeover of
Canada's last independent steelmaker was a "blow to the psyche."
"Stelco used to be known as the Steel
Company of Canada," he said. "That's the equivalent of U.S. Steel in
the United States. Imagine how they'd feel if U.S. Steel was sold to a foreign
player?"
It would have been nice to see a Canadian
steel giant emerge from the wave of consolidation that has swept the Canadian
steel sector, said BMO Nesbitt Burns Inc. steel analyst Randy Cousins.
"It's kind of a tragedy that didn't
happen," he said. "Plans for Stelco now will be determined by what
best serves the greater interests of U.S. Steel. What that means for Stelco
only time will tell."
npowell@thespec.com
905-526-4620