United Steelworkers Local 2251 representing around 22-hundred hourly workers and Local 2724 representing over 400 salaried workers have a tentative deal with a group of secured creditors involved in the restructuring of Algoma.
Both union locals indicate in statements issued yesterday that there are a number of details to be finalized prior to holding meetings with the membership which includes a comprehensive memorandum of agreement that must be developed and signed off by all parties.
Both union locals will be announcing in the coming days the location and times of the information meetings for the membership and the subsequent ratification votes.
Algoma has been under court supervised creditor protection since November of 2015.