Union to government: Please save the steel industry

PRESIDENT of the Steel Workers Union of TT (SWUTT) Christopher Henry today called on Government to do whatever is necessary to ensure that the bidding process for the ArcelorMittal plant, which is currently in liquidation, be reopened. The union is hoping that Macarri Steel Ltd, which has a bid of US $27 million be allowed to purchase the plant instead of the other bidder Nu-Iron Ltd. Nu-Iron is bidding US $20 million for the plant.

“The revenue stream that Macarri Steel will produce, compared to Nu-Iron, is like chalk and cheese. Macarri Steel on an annual basis would produce over $1 billion to the treasury in natural gas, water, and electricity. Nu-Iron will not be doing that,” Henry said.

He was speaking to reporters at a press conference held outside Tower C Waterfront in Port of Spain.

Henry said, since the closure of the plant at Point Lisas, two years and five months ago, about 80 per cent of the 2,000 terminated workers are still unemployed.

“These 644 permanent workers plus contract workers, which add up to about 2000 workers, will not have an opportunity to be reemployed in the steel industry with Nu-Iron. It will be a travesty for this government to continue to allow any multi-national to again come into this country and that advantage of its citizens,” Henry said.

In April, Macarri made a bid to purchase the plant although the bid round had closed at the end of September last year. So far the liquidator, who acts on behalf of ArcelorMittal, hasn’t acknowledged the bid. Macarri is willing to invest US $1.2 billion in three new plants, Henry said.

“The liquidator continues to extend the deadline for Nu-Iron to secure the plant. This is the fifth extension, at the end of this month. We are available to meet with the Finance Minister if he needs any further information from us. We are appealing to government and the Minister of Finance to listen to us,” Henry said.