Steel pensioners stand to lose thousands

City of Hamilton report reveals impact of U.S. Steel bankruptcy
By Sabrina Nanji
|Canadian Labour Reporter|Last Updated: 03/30/2015

Only weeks before U.S. Steel Canada (USSC) is set to appear before Superior Court seeking approval for the off-loading of its Hamilton operation, the city released a stark report indicating the potential impact of the company’s bankruptcy.

City councillors commissioned an economic impact study on a worst-case scenario for the U.S.-based steel producer, which filed for bankruptcy protection under the Companies’ Creditors Arrangement Act in the fall of 2014.

According to the report, about one in every 72 Hamiltonians are U.S. Steel Canada pensioners who stand to lose upwards of $4,000 per year if the bankruptcy leaves a significant pension funding shortfall, as expected.