I’ve mentioned this before. This seems to be the year for labour unrest.
We have this oddity from Steel Dynamics. As the guy asks at the end of the quote, why negotiate a deal and then don’t endorse it?
Fort Wayne Journal Gazette
No deal for Steel Dynamics
Steel Dynamics Inc.’s only unionized workers are on strike after voting down a tentative agreement reached between the company and union negotiators.
The 435 hourly employees at Steel of West Virginia Inc. walked off the job at 11 p.m. Friday after voting earlier in the day on the contract offer, which was not endorsed by their bargaining committee.
Steel Dynamics noted the strike in a news release Tuesday about its plans to buy back up to 5 million shares of its stock. The company said it does not expect the strike to have “a material impact” on overall financial performance.
Fred Warner, Steel Dynamics spokesman, described the lack of support as “kind of strange.”
“Why wouldn’t you recommend something you tentatively agreed to?” he asked Tuesday.
Meanwhile, no one seems to have a good handle on the Chilean copper strike. On the 29th, Bloomberg said Copper prices fell Tuesday amid speculation that a strike at BHP Billiton’s mine in Chile soon would be resolved. Only one day later, they opined Copper gained in London on speculation that workers will keep striking at Escondida.
As Chicago (Transit Authority – the band, not the public transit provider) asked, Does Anybody Really Know What Time It Is?
And now, AK Steel. Locked out for more than 4 months now, here’s a new twist. From an article from the beginning of this month, AK sued by provider of replacement workers. Meanwhile, AK recently dropped its suit against retirees opposing changes to their benefits. . And they raised transaction prices for all of its stainless hot-rolled sheet and strip products, and continuous mill plate products by about 10 percent, effective Sept. 3.