The United Steelworkers (USW) union is committed to defending the interests of its members and pensioners affected by U.S. Steel Canada’s application for bankruptcy protection.

“We are extremely concerned about these developments and we intend to do everything we can to protect our retirees and our members,” says USW national director Ken Neumann.

He made the statement after the filing made by U.S. Steel Canada under the Companies’ Creditors Arrangement Act (CCAA).

In its filing, the company said the liabilities in its main pension plans were $3.7 billion on a solvency funding basis while the value of its assets were $2.9 billion, leaving a solvency deficiency of $838.7 million.

U.S. Steel bought Stelco in 2007 and renamed it U.S. Steel Canada.

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Copyright © 2021 Transcontinental Media G.P. Originally published on benefitscanada.com

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