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Tentative deal struck between U.S. Steel and Steel Workers’ Union
A tentative agreement has been reached between U.S. Steel and the Steel Workers’ Union.
The Union says the current contract expires Wednesday.
We won’t know any details of the new deal until it is presented to union members tomorrow afternoon.
Then, a vote will be held next Wednesday.
Last week, a Judge approved U.S. Steel’s plan to finance its Canadian operations while it attempts to reach a court-supervised compromise with its creditors.
Lawyers for the United Steelworkers Union, the City of Hamilton and the Ontario government have said they will not oppose the plan.
It sees the steelmaker’s American parent company providing a $185 million dollar debtor in possession loan to keep its Canadian arm running through next year.
More on this on the Evening News at 6.
