ArcelorMittal plant sold to TT Iron Steel Company Ltd

[zoom rader]

Union were offered the option of workers taking all their accumulated vacation now and the company would hold on laying off workers. They would consider restarting the plant next year if there was sufficient demand.
Union declined this option and the company said fcuk off. #owtuforever

so what de issue? oh..i forgot..iz Rowley's fault...he needs to control the global steel industry or gtfo and call elections..

Hope you all know that those steel workers get 6 weeks vacation per year after 10 years service.
Dealing with Mittal management is very tricky. Years ago they got a tax break from paying into the pension plan, workers were ripped off.
On the plus side melt shop workers used to get a production bonus of $70 a day cash in hand , this was in the early 1990s and I left in 1994. Mittal found a way for workers to avoid paying taxes on the bonuses, he gave them cash in hand on the day. Workers did have it good and the money was reasonable. They got gifts throughout the year anything from toasters, microwave, watches and Tvs . There was even a $20000 bonuses if you came to work without using any sick leave or casual days for the year and that was in the mid 1990 which was plenty $$$. Workers just got complacent and expected their job to last forever.
Never assume your job is lifetime, always keep moving on a bigger wage package.
I worked at ISPATT for years and then bailed out at the peak of high steel prices, ppl said I was mad to leave but I saw not much of a future there. At that time there was some 800 permanent and 200 contact workers there.

So it was a give and take where workers were concerned. The Steel Union was lazy and the company did try to treat workers fair.
I did however met and spoke to Mittal senior owner at that time. (father) and Junior (present owner) . They were very pleasant and spoke mostly business terms.

[joker]

The union won in court today , workers will be compensated and any vacation forced to take or encashment will be returned to the workers , they also get to keep the 2k stipend ....

The company was fined for the IRO. TOTALING >$25000

[joker]

and now................they informed the union they are closing down.

[MG Man]

score one for the superawesome union leaders

[pete]

http://www.cnc3.co.tt/press-release/uni ... ate-effect



Reports that steel giant ArcelorMittal is shutting down its entire operations here in Trinidad and Tobago and that 650 workers are being sent home with immediate effect.

Union representative Rajkumar Narinesingh told CNC3 that the Steel Workers Union was just informed of this development around 11.30 this morning.

CNC3 has been told that the ArcelorMittal plant in Point Lisas has shut its doors.

The union will host an urgent news conference at its offices in California to address the latest development.

CNC3 has reached out to ArcelorMittal for confirmation.

Just yesterday, the steel manufacturer was fined by the Industrial Court for the procedure it used in laying off over 480 of its employees in December last year.

The company was fined $24,000.

ABOUT ARCELORMITTAL:

With annual achievable production capacity of approximately 114 million tonnes of crude steel, and some 210,000 employees across 60 countries, ArcelorMittal is the world’s leading steel and mining company.
With an industrial presence in 19 countries, we are the leader in all major global steel markets including automotive, construction, household appliances and packaging, with leading research and development and technology, sizeable captive supplies of raw materials, and outstanding distribution networks.

[Habit7]

Once again, unions chasing business from the country.

[Dizzy28]

Can's say I am surprised by Mittal's move.

[Allergic2BunnyEars]

Jeezus

[zoom rader]

Once again, unions chasing business from the country.

That's PNM has them in their pockets

[RASC]

Short term gain with no long term outlook. These unions have lost their way...

[Allergic2BunnyEars]

If you guys were representing the Union what would you have done about the issues faced by the workers who were slighted initially with respect to non payment of salaries and non payment of vacation days?

[EmilioA]

So the private sector fail we. Ohhh Looordd. What we go do !

[pete]

Remember where it began?

From page 1

"In a press release, the company said: “Following the inability to reach agreement with the Steel Workers Union of Trinidad and Tobago (SWUTT) on a proposal from the management of ArcelorMittal Point Lisas for workers with accrued vacation days to proceed on paid vacation, while workers who do not have vacation leave to engage in alternative functions on a temporary basis outside of their normal duties, the Company has had no option but to begin a process of laying-off workers”."

[EmilioA]

Remember where it began?

From page 1

"In a press release, the company said: “Following the inability to reach agreement with the Steel Workers Union of Trinidad and Tobago (SWUTT) on a proposal from the management of ArcelorMittal Point Lisas for workers with accrued vacation days to proceed on paid vacation, while workers who do not have vacation leave to engage in alternative functions on a temporary basis outside of their normal duties, the Company has had no option but to begin a process of laying-off workers”."

Yeaaahh. That not sounding like a reason to shut down a company.

[Allergic2BunnyEars]

Remember where it began?

From page 1

"In a press release, the company said: “Following the inability to reach agreement with the Steel Workers Union of Trinidad and Tobago (SWUTT) on a proposal from the management of ArcelorMittal Point Lisas for workers with accrued vacation days to proceed on paid vacation, while workers who do not have vacation leave to engage in alternative functions on a temporary basis outside of their normal duties, the Company has had no option but to begin a process of laying-off workers”."

Yes but why would the court side with the Union then if their case wasn't valid?

[src1983]

The court and union forgot that Mittal is not a charity it's a profit business

Would you continue to sell mangoes if you only making $2 and they costing $5

[EmilioA]

The court and union forgot that Mittal is not a charity it's a profit business

Would you continue to sell mangoes if you only making $2 and they costing $5

Even business must obey the law. They have rules how to fire someone.

[Allergic2BunnyEars]

The court and union forgot that Mittal is not a charity it's a profit business

Would you continue to sell mangoes if you only making $2 and they costing $5

So basically the court and the union in cahoots?

[bluefete]

So transnational corporations are invited to come into a country under the guise of foreign direct investment. They are given numerous incentives including VAT exemptions, tax holidays, depreciation on capital assets int he quickest or longest time (to extend the tax holidays etc.), free return of profits to the mother country (in US$ of course) and so on and so on.

Workers meanwhile agree to work for money that seems attractive at the time.

The problem here is that Trinidad is not the only country in which Arcelor Mittal has closed down operations.

In Jan 2016, Mittal shut down a plant in Spain.

In Feb 2016, it permanently closed a plant in Luxembourg with a loss of 700 jobs.

In March 2016, they permanently closed a plant in Trinidad!

Par for the course.

One wonders if they did not lose in the Industrial court if they would have totally closed operations.

Anyways, they made their billions over the years.

Let the unions run it now.

[konartis]

^^ no they don't...there are guidelines based on proper practice, but a private company can do as they please and if a person is affected, they can seek redress in the court based on mortality. There are no laws that govern them, this is why the government sector is well protected...laws are clearly set out in relation to employees etc...

[pugboy]

So who laughing now?

[Allergic2BunnyEars]

So who laughing now?

Point noted.


ArcelorMittal confirms closure; says employees will get all payments they're entitled to



ArcelorMittal is confirming its decision to close operations in Point Lisas.

The following the is a statement from the company:

"ArcelorMittal Point Lisas announces with deep regret that it is to close its operations.

Despite the company’s considerable efforts to avoid the closure of the iron and steel facility, a combination of local and international challenges has resulted in a decision to close the business, which has been under severe financial distress since the second half of 2015.

Locally, proposed major increases in the price of gas and electricity at a time of falling commodity prices have rendered production costs uncompetitive. Additionally, proposed increases to port rental fees, announced property taxes and business levies have further contributed to the unsustainability of the business.

As an export-led business, ArcelorMittal Point Lisas has also been severely impacted by the drop in international steel prices and global overcapacity in steel production.

Imports into Central America and the Caribbean – ArcelorMittal Point Lisas’ core markets for its steel products – from outside the region, principally China and Turkey, rose by almost a quarter (23%) in 2015, compared with 2014.

As a result of these factors, steel orders were extremely weak in 2015 and the company’s financial position deteriorated significantly, with net losses of US$281m compared with US$44m in 2014.

Furthermore, the company has been recording net losses since 2009.

The plant has been idled since 23 November 2015, when 480 workers were temporarily laid off as the company worked to find an alternative solution to closing the plant. This lay-off announcement was renewed on 3 February 2016, when 498 workers were laid off until 13 March 2016.

In recognition of the importance of the company to the economy of Trinidad & Tobago, and to the plant’s 644 employees and many suppliers, ArcelorMittal Point Lisas had been in discussions with the Government and other stakeholders to find another solution for the company including a potential sale, or a transfer to the Government, but unfortunately these discussions have not had a successful outcome.

As a last resort, ArcelorMittal Point Lisas has therefore recommended a creditors’ voluntary wind-up is undertaken as soon as is legally and operationally practical.

ArcelorMittal Point Lisas’ employees will receive all the payments they are legally entitled to.

Furthermore, in recognition of the impact the decision will have on those employees, the ArcelorMittal Group is considering whether workers could benefit from the liquidation proceeds that the Group is entitled to as a creditor.

Commenting, Jefferson de Paula, a member of the ArcelorMittal Point Lisas’ board of directors, said: “Today is a very difficult day for ArcelorMittal Point Lisas, all its employees and the community in which we operate. Despite working extremely hard over recent months to find a way to keep the iron and steel plant open – including a proposal to transfer ownership to the Government of Trinidad & Tobago - maintain employment and return it to profitability, we have unfortunately not been able to reach a solution.

The business has been battling record proposed rises in gas and electricity prices in Trinidad & Tobago, as well as a steep drop in international steel prices and significant global overcapacity in steel production. This has resulted in the company recording unsustainable losses in 2015, and ArcelorMittal Point Lisas has therefore regrettably taken the decision to liquidate.

I know this is very bad news for all ArcelorMittal Point Lisas’ employees and their families and we recognise that they will be looking to us for support. As a responsible employer, ArcelorMittal Point Lisas will pay all amounts to employees that they are legally entitled to receive. Furthermore, we are looking into the possibility of whether workers could benefit from the liquidation proceeds that the ArcelorMittal Group is entitled to as a creditor.

This is not a decision that we have reached easily and we are aware of the impact of this news on the local community. However, ArcelorMittal Point Lisas has been left with no alternative and I hope that, following the meetings held with the Union today, employees feel fully informed about the reasons behind the decision.”

[EmilioA]

^^ no they don't...there are guidelines based on proper practice, but a private company can do as they please and if a person is affected, they can seek redress in the court based on mortality. There are no laws that govern them, this is why the government sector is well protected...laws are clearly set out in relation to employees etc...

The private business lied to you.

We are a common law jurisdiction. That means case law is as binding a legislation. The case of Annamunthodo vs OWTU decided by the Privy Council laid out that even private entities have to abide by things like fairness, legitimate expectations and due process.

These are not vague "morality" . These are long defined legal terms which mean you have to operate in a certain way and not how ever you feel like just becuase you are private.

[sMASH]

Mittal would have closed its doors regardless of the workers,,, pun intended.

Businesses are in the business of making profits. They made their money quick in the China demand boom. In the slump, close up shop and sell the assets.

No different from when scrap metal was lucrative: men buy ole van and truck to tote scrap metal, and when it get hard, sell the van and truck as scrap metal.



Unions in Trinidad usually over do it, but they are the only means a worker can seek fair treatment.

Unions not running any company, they came here in spite of unions, the unions didn't just pop up overnight.
The businesses are cutting their losses.


The government of Trinidad and Tobago has the responsibility and duty to develop the country, protect the citizens, and ensure that they are provided for, in the long run.

All in the past has kept the future of Trinidad pegged to the petro dollar. Now that the dollar has fallen, they Must take the oil and make products, and sell those products. They should have done that since before.

Is it to bring back iscott?

[EmilioA]

So who laughing now?

Point noted.


ArcelorMittal confirms closure; says employees will get all payments they're entitled to

”

At least those laid off workers will get thier money. The others ? Who knows.

[zoom rader]

I smell some close door deal with Ansa to buy plant. Looks like PNM and Ansa involved with this deal .

[Allergic2BunnyEars]

Better ansa than mittal.

[K74T]

Better PNM with the gyro than PP with the geera

[Duane 3NE 2NR]

So who laughing now?

Point noted.


ArcelorMittal confirms closure; says employees will get all payments they're entitled to

”

At least those laid off workers will get thier money. The others ? Who knows.

I think the courts set a precedent with the first ruling

[Chimera]

What gonna happen to them workers and their families though.....

Not like it have other companies that will have them.....

Everyone firing

Ipsl fire 400sum people this week?

What them people going to do? Labour?