Sault Ste. Marie, Ontario-based flat-rolled and plate steelmaker Essar Steel Algoma is offering certain workers C$25,000 (US$24,940) to retire from the steel mill.
In a plan to streamline and downsize its workforce, Essar Steel Algoma is encouraging order workers that have been with the company long enough to qualify for an unreduced pension to take an early retirement.
Steelworkers were informed of the early retirement incentive on October 6 and have until December 5 to officially decide whether or not to participate. Those who choose to take the $25,000 must leave the company by July 31, 2012.