24
Aug
10:10
Wage vote threatens Arrium sale
The sale of Australia’s Arrium may be more difficult after the union at the Whyalla steelworks narrowly voted against accepting a pay cut deal. Arrium executives are currently touring Asia presenting to potential investors, including major regional steelmakers, Kallanish notes.
Unions had been offered a four year contract with a -10% pay cut followed by 2% increases in the third and fourth year. The contract was aimed to save some AUD 17 million ($13m) in …
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Very good overview of the weekly steel market.
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