USW may try to block Sparrows Point sale
The United Steelworkers union has threatened to challenge the US Justice Department's (DOJ) order for Mittal Steel to sell its Sparrows Point mill. The union says that it will try to block the sale of the mill, located near Baltimore, Maryland, unless it is satisfied that the sale is in the workers' best interests. USW spokesperson Gary Hubbard told the press after the DOJ's ruling Tuesday, “It's not the result that we expected to see, so we're exploring all options. This is all about long-term security of the stakeholders and the enterprise itself.” The Justice Department maintains that despite the USW's potential objections, there is no appeal process that the steelworkers or Mittal can take, and that if Mittal does not sell Sparrows Point itself, it will be sold by an appointed trustee. The US DOJ order requires that Mittal sell Sparrows Point by May 21 in order to settle antitrust issues resulting from the company's pending merger with Arcelor SA. However, the deadline may be extended by up to 60 days.
Tags:
Similar articles
Confindustria calls for pragmatic EU ETS reform to protect industrial competitiveness
09 Jun | Steel News
Local Turkish dollar-based merchant bar prices fall amid ongoing currency fluctuations
09 Jun | Longs and Billet
Ex-China HRC prices fall as all fundamentals negative, supportive factors disappear
09 Jun | Flats and Slab
Local Turkish rebar spot prices fall amid sluggish demand and lower ex-US scrap prices
09 Jun | Longs and Billet