Russel Metals Comments on Potential Strike in British Columbia
20 Oktober 2010 - 8:16PM
Marketwired
Russel Metals Inc. (TSX: RUS) today announced that it is currently
in mediation discussions with a B.C. Ministry of Labour mediator
and United Steelworkers representatives to help reach agreement on
language and issues related to five plants in British Columbia. The
United Steelworkers issued a news release yesterday regarding a
strike mandate at the Company's A.J. Forsyth operations in British
Columbia. Under the mediation process the parties can neither
strike nor force a lockout.
Brian R. Hedges, President and CEO, stated "Our British Columbia
operations were significantly impacted by the slowdown in the
forestry industry prior to 2008 and further impacted by the
economic downturn in 2008. We do not expect to return to previous
volumes at a number of our operations and we need to make many
changes throughout our British Columbia region. A strike call by
the union would cause hardship for all of our employees and their
families, as well as create uncertainty in our customer base and,
as such, is not our preferred solution. The decision to put out an
announcement by the union of a strike mandate is being taken
seriously by management. We will take all avenues open to us to
allow us to provide continued service to our customers."
Marion E. Britton, Vice President and CFO, stated "A strike at
these operations would not materially impact our fourth quarter
results."
Russel Metals is one of the largest metals distribution
companies in North America. It carries on business in three
distribution segments: metals service centers, energy tubular
products and steel distributors, under various names including
Russel Metals, A.J. Forsyth, Acier Leroux, Acier Loubier, Acier
Richler, Arrow Steel Processors, B&T Steel, Baldwin
International, Comco Pipe and Supply, Fedmet Tubulars, JMS Russel
Metals, Leroux Steel, McCabe Steel, Megantic Metal, Metaux Russel,
Metaux Russel Produits Specialises, Milspec, Norton Metals, Pioneer
Pipe, Russel Metals Specialty Products, Russel Metals Williams
Bahcall, Spartan Steel Products, Sunbelt Group, Triumph Tubular
& Supply, Wirth Steel and York-Ennis.
Contacts: Russel Metals Inc. Marion E. Britton, C.A. Vice
President and Chief Financial Officer (905) 819-7407
info@russelmetals.com www.russelmetals.com
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