Friday, February 22 2008

OVER 250 workers of Arcelor Mittal Steel plant staged a peaceful demonstration at the company’s Point Lisas Industrial Estate Administrative offices yesterday from as early as 6 am.

The workers assembled outside the compound to protest the company’s failure to implement profit and stock-sharing options for workers.

The workers returned to their respective jobs after two and a half hours of protest action. They assured that while they have a grouse with the company, they have no intention of shutting down the plant.

Steel Workers Union of TT (SWUTT) president general Lex Lovell said workers vowed to continue their demonstration until the issues including the long-awaited ESOP – Employee Stock Option Plan and the deplorable road conditions at the Industrial Estate, are dealt with.

He said the stock sharing issue formed part of Government’s agreement of sale with Mittal Steel over the then entity known as Iron and Steel Company of TT (ISCOTT) in 1994.

He pointed out that in Mittal’s annual financial report, reference was made to the company’s outstanding debt and the long-awaited stock option plan.

Lovell said that an initial offer of $1 million had been rejected by the workers pointing out that this sum would have to be divided among some 750 workers who had been employed over the past 12 years.