Progress on the selloff of Algoma steel plant
CTV Northern Ontario
Published Thursday, May 10, 2018 5:46PM EDT
Last Updated Thursday, May 10, 2018 6:57PM EDT
Some progress to report in the ongoing efforts to sell the former Essar Steel company in Sault Ste. Marie, now operating as Algoma.
Local 2251 of the Steelworkers Union says it has reached a tentative agreement with a secured group of creditors that are part of the group restructuring the company.
Mike Da Prat is President of United Steelworkers Local 2251.
"What happens is there were fits and starts, right and stops. We started when the market was in the doldrums and we climbed out of it and the discussions had to reflect the conditions of the day." said Da Prat.
Securing a deal with the union on wages and pensions is one of the hurdles that needs to be cleared before a new buyer will take over.