The Stel Salaried
Pensioners Organization wishes to thank The Hamilton Spectator for permission
to post the following article by Business Reporter Steve Arnold published in
the April 24, 2004 edition
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Apr. 24, 2004. 01:44 AM |
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Feds won't enter Stelco fray |
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By Steve Arnold |
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Stelco's restructuring under bankruptcy protection must go ahead without federal government involvement. In a meeting with The Spectator's editorial board yesterday National Revenue Minister Stan Keyes repeated that stand several times, saying Ottawa must not interfere with the restructuring process. It's the only way to ensure Stelco finds a lasting solution to the problems which led it to the brink of bankruptcy, he said. "My concern is we have to be sensitive to this process. The stakeholders have to come to the table, they have to do the restructuring to put the company on a sound financial footing to proceed into the future. "If there isn't a calm, fact-based approach, if there is a lack of co-operation between stakeholders ... and if the restructuring process doesn't work, Stelco fails, the employees and pensioners lose, the community loses, the country loses," he said. Despite repeated calls from labour and opposition parties for government action to help Stelco, Keyes said Ottawa's only role now is to observe the company's restructuring under the Companies Creditors Arrangements Act. "We have to play the observer role. We have to be there, we have to ... explain across the board to everyone that this process has to run its course, there cannot be interference," he said. Keyes also called for co-operation between Stelco and the United Steelworkers of America. "There's no question that there's been a trust issue between the union and the company," he said. "It's very clear that we have to maintain a level of co-operation that may be brand new to this whole area of union-Stelco (relations)." In a news release from the national USWA policy convention in Vancouver yesterday, union leaders repeated their commitment to help Stelco restructure, but remained firm in their demand "that the contractual relationship between the company and the union must be the framework for any discussions. "The union and its members refuse to be treated as a cost of production and believe that its rights under the Labour Relations Act to be treated as equals in the contractual relationship must be upheld by the company in order to lead to a positive outcome." Keyes' reverence for the process isn't shared by all. The federal and provincial NDP has demanded governments act to protect workers' pensions, to shield the Canadian steel industry from international market pressures, and to provide loan guarantees to Stelco. Stelco hasn't asked for specific government aid yet, but CEO Courtney Pratt suggested in a speech in Toronto Thursday that the company would like public money for pension costs, loan guarantees and retraining costs. Keyes also told The Spectator yesterday that he has no idea when the federal election will be held -- that's a decision left entirely to the prime minister, he said -- and he's not worried about a March poll suggesting he'd face a tough challenge from NDP candidate Dave Christopherson in the riding of Hamilton West. Based on a sample of only 230 voters, Keyes said, "that poll just isn't credible. I had 230 people at my nomination meeting." The poll concluded that 53.2 per cent of decided federal voters would support Christopherson, with 34.7 per cent for Keyes, and 11.5 per cent for the Tories. sarnold@thespec.com 905-526-3496 |