Steelworkers publish Vale Inco economic report in Sudbury Star
Posted By RACHEL PUNCH/QMI Agency
Posted 1 hour ago
wellandtribune.ca
SUDBURY — United Steelworkers Local 6500 decided to distribute an economic report about Vale Inco in The Sudbury Star to let its members know the union's offer is financially viable, says president John Fera.
"We want our members to see it. They need to know that we have been telling the truth all along. We think that Vale maybe has not," said Fera, president of Local 6500 representing more than 3,000 striking workers at Vale Inco's Sudbury operations.
The union members have been on strike since July 13, 2009. Among the issues are capping and reducing the nickel price bonus and changing the pension to a defined contribution plan as opposed to a defined benefit pension plan.
The report, titled "Vale's Unsustainable Approach to Canadian Mining," was inserted in Thursday's Sudbury Star.
Vale's approach all along has been to state the concessions it wants are necessary in order to maintain sustainability and remain viable.
"Right from Day 1 Vale has been saying that they have to be sustainable in all quarters and they need for us to give up concessions so that they can be financially profitable and viable," Fera said.
"As you will see by the numbers, Vale is making a lot of money. Inco is making a lot of money, which is good. We certainly want these companies to make money," he said. "Their argument that the cost of our contract would hurt their financial sheet, I think we've proven that that is not true."
He said, for example, the nickel price bonus cost the company an average of 8 cents per pound sold between 2000 and 2008, which represents 0.9 per cent of the price. The report states the nickel price bonus represented 3.2% of the company's adjusted corporate earnings during the same time period.
Steve Ball, spokesman for Vale Inco, said he did not want to comment on the report.
"We have nothing to say about it," he said.
For a full copy of the report, visit www.fairdealnow.ca. The company's website is www.valeinconegotiations.com. |
