A week after Bedrock Industries got the keys to Stelco comes word that it intends to put $250 million over the next five years into the Hamilton-based steelmaker.
Top items on the list are developing technology for heat recovery and electricity generation as well as transportation and logistics.
United Steelworkers of America Local 1005 president Gary Howe says he after years of dealing with the Pittsburgh-based U.S. Steel, he is still skeptical of the promises made by the new owners.
Howe says U.S. Steel ownership was marked by drastic cutbacks in production, massive layoffs and lockouts.
He says Bedrock Industries knows it will have to put its money where its mouth is and adds he’s taking a wait-and-see approach.
However, U.S.W Local 8782 president Bill Ferguson says right now, he’s optimistic.
The head of the Lake Erie Works union local adds, “I’m taking a glass is half full approach. I’m hoping everything is going to work out. Bedrock promised to put money into Stelco and it appears they are.”
Ferguson says “we’re looking at investment that is coming in and there are changes in the workforce, and quite frankly the alternative was liquidation.”