Construction Association sees 'brighter days ahead' for local steelworkers

NEWS RELEASE
SAULT STE. MARIE CONSTRUCTION ASSOCIATION
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The recently announced tentative agreements reached between Algoma’s secured creditors and United Steelworkers Local 2251 and 2724 are welcomed by the membership of the Sault Ste. Marie Construction Association. Combined with record high steel prices, there is reason for optimism that brighter days are ahead for all of the affected members who have endured significant hardships due to the Companies’ Creditors Arrangement Act process.

The challenges resulting from the CCAA process that many members have faced over the past three years and continue to face currently are often overlooked, but it is something our community needs to recognize and it greatly contributes to the need for a timely exit from the CCAA process.

“It’s unlikely these business will ever be able to recover any of that money given the small profit margins that exist in the construction industry,” explained Adam Pinder, executive director of the Sault Ste. Marie Construction Association.

“It’s a highly competitive and risky business that takes many, many years of highly successful operations to generate the kind of money that was likely lost when the steel plant filed for CCAA. In my opinion, the best thing for our members and the city of Sault Ste. Marie is for all parties involved to drive the ball over the line and bring the CCAA process to a prompt conclusion.”

Considering the next provincial government will play a significant role in wrapping up many of the remaining issues, the Sault Ste. Marie Construction Association is asking all local candidates in the current Provincial election and their parties to commit to doing everything in their power to ensure that the CCAA process is concluded as soon as possible.

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