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Stelco retirees assured their pensions will not be reduced

Stelco retirees have gathered to hear how they'll be affected by the company's proposed sale to Bedrock Industries.
Stelco retirees have gathered to hear how they'll be affected by the company's proposed sale to Bedrock Industries. Ken Mann/AM900 CHML

Hundreds of Stelco’s 9,000 Hamilton retirees attended an information meeting at the Convention Centre on Thursday.

The meeting disclosed the details of a tentative agreement that may result in approval of the court-supervised sale of Stelco to Bedrock Industries.

READ MORE: Hamilton Stelco workers reach tentative deal with Bedrock Industries

Steelworkers Local 1005 President Gary Howe has offered assurances to retirees that their pensions will not be reduced.

While health benefits have not been fully reinstated, which Howe admits is a source of frustration for some, he adds that they have secured $20-million a year over 10 years for benefits.

He believes they can do “a fairly decent job with that amount of money”.

READ MORE: Steelworkers say more work needed before deal reached with Stelco, Bedrock

About 500 current workers in Hamilton, represented by Local 1005, will vote on the tentative deal on Tuesday, June 6. Steelworkers Local 8782, which represents workers in Nanticoke, holds its vote this Friday.

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The judge overseeing the sale has indicated that he won’t sign off on the plan until collective bargaining agreements are in place.