Steel Mills

USSC Retiree Benefits to Remain Suspended
Written by Sandy Williams
August 20, 2016
Benefits will not be reinstated to US Steel Canada retirees ruled Justice Herman Wilton-Siegel in Superior Court on Friday. US Steel Canada has been given permission, however, to utilize $1.57 million in cash to pay retention bonuses to key employees.
The judge also directed USSC to follow through on $2.7 million of funding to the province transitional fund that was instituted to help the retirees who have lost benefits. The province has set aside a total of $5.5 million as a temporary fund to help retirees with urgent health needs and prescriptions.
The decision by the Wilton-Siegel was not a surprise and closely matches recommendations by the court-appointed monitor.
Gary Howe, president of USW Local 1005, was among those who were disappointed but not surprised by the decision.
Howe, shortly after hearing the verdict, told the Hamilton Spectator, “Basically we’re outraged, that’s the best way to describe what we’re feeling. The company is sitting on a mountain of cash so there’s no reason it can’t pay for these benefits.
“We’re not talking about the survival of the company, but of the theft of benefits. This is nothing but legalized theft,” he said.

Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills

Trump approves $14B Nippon Steel-USS ‘partnership’
President Donald Trump on Friday gave his blessing to a $14-billion "partnership" between Nippon Steel and U.S. Steel.

Cliffs opens June spot order book at $910/ton HR
Cleveland-Cliffs opened its June order book for spot material at $910 per short ton (st).

Op-Ed: Ternium CEO Máximo Vedoya wants a fair future forged in steel
After recently receiving an industry honor on behalf of Ternium, I had the opportunity to reflect and share my vision on the state and future of our industry.

Nippon eyeing new $4B U.S. Steel mill to sweeten deal: Report
Nippon Steel could build a new domestic U.S. Steel mill with a total investment of $4 billion.

Nucor cuts CSP by $20/ton, third straight drop
Nucor has lowered its consumer spot price by $20 per short ton, marking the third consecutive weekly decrease.