The US company says it will not be generating any sales on behalf of U.S. Steel Canada and will load its production of critical automotive products on its USA mills.
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The most significant issue is whether U.S. Steel intentionally created the very conditions that led to the bankruptcy of the Canadian operation.
Pensioners are expected to lose their benefits at midnight tonight.
“The United Steelworkers is committed to building a prosperous Canadian steelmaking company again”, said Warren.
“There was never a division between the two of them”.
“We are committed to reversing the damage caused by U.S. Steel and the Conservative government”. Additionally, USSC represented approximately $1 billionof U. S. Steel’s consolidated Employee Benefits liability as of June 30, 2014. The company will accept receipts – dated up to then – until the end of the month.
Hamilton Mountain candidate Scott Duvall: “It’s not enough that more than 2,000 jobs are at risk at U.S. Steel, and it’s not enough that more than 20,000 pensioners and their families are terrified about the future, or that Hamilton taxpayers may have to cough up $6 million to cover their municipal taxes owed by U.S. Steel”. Figures for next year were not available. A full decision, and the reasons behind it will come on Tuesday.
The decision by Superior Court Justice Herman Wilton-Siegel approved a plan for U.S. Steel Canada to be severed from parent company U.S. Steel.
According to the agreement, the Canadian unit could enter a new sale or restructuring process. An earlier attempt through the process failed because the company was in such grim shape.
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On September 16, 2014, USSC’s board of directors unanimously chose to apply for relief from its creditors pursuant to Canada’sCompanies’ Creditors Arrangement Act. The loss of pension benefits to retirees – affects many needing thousands of dollars for medications and treatments.
