Steel plant's unions have tentative deal with secured creditors

NEWS RELEASE
UNITED STEELWORKERS UNION LOCAL 2251
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Local Union 2251 has reached a tentative agreement with the group of secured creditors that are a party to a restructuring support agreement dated August 15, 2017 that represent a supermajority of term lenders and 9.5 per cent noteholders of Essar Steel Algoma Inc. on May 10, 2018.

There are a number of tasks to be completed prior to holding information meetings with the membership.

A comprehensive Memorandum of Agreement must be developed, the Memorandum of Agreement must be signed off by all parties and subsequently sent to print.

The Local Union will announce in the coming days the location and times of the information meetings.

The ratification vote will be held subsequent to the information meetings.

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UNITED STEELWORKERS UNION LOCAL 2724

Local Union 2724 has reached a tentative agreement with the group of secured creditors that are a party to a restructuring support agreement dated August 15, 2017 that represent a supermajority of term lenders and 9.5 per cent noteholders of Essar Steel Algoma Inc. on a Collective Bargaining Agreement.

There are a number of details to be finalized prior to holding information meetings with the Membership. 

A comprehensive Memorandum of Agreement must be developed and signed off by all parties.

The Local Union will announce in the coming days the location and times of the information meetings.  

The ratification vote will be held subsequent to the information meetings.

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