Extending the Restructuring Deadline and Calling for Millions of Dollars in Reduced Expenses at Algoma

The restructuring process for Essar Steel Algoma is being extended by another two months in part to allow time to reach new collective agreements with the two United Steelworker Locals 22-51 and 27-24 which represents about 95% of the workers at the local steelmaker which employs over 27-hundred.
Justice Frank Newbould has scheduled a hearing for February 7th for union motions regarding bargaining issues.
The 24th report of the court appointed monitor Ernst and Young explains that the extension contains a milestone that all parties need to find a way to reduce operating expenses for Essar Steel Algoma on an annualized basis by over 22-million dollars with a deadline of March 15th.