Monday, July 13, 2009

How It Starts

3,500 Vale Workers In Canada Walk Off The Job
Manufacturing.Net - July 13, 2009

SUDBURY, Ontario (AP) -- Thousands of union workers at Vale Inco's nickel mine operations in Ontario are on strike after 85 percent of union members rejected the company's contract offer.

The United Steelworkers union said Monday that all of Vale's Canadian operations have been shut down and the company's nickel inventory will quickly be depleted.

At issue were proposals by Vale to exempt new employees from its benefit pension plan and to reduce a bonus tied to the price of nickel.

Steelworkers Ontario director Wayne Fraser says about 3,500 workers are now on strike.

Vale Inco is the nickel mining and processing division of Brazil's Companhia Vale do Rio Doce.
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Supply disruptions, production slowdowns. Nobody understands why depressions start but they do.

11 comments:

wagga said...

This space reserved for Sweet Cashback to make 2 firsts today.

sm_landlord said...

I'd say their chances aren't worth a plugged nickel. The Russians are probably mining plenty of nickel for the amount of stainless steel that is currently in demand.

Mr. Outspoken said...

What the hell happened on markets today? Stocks shoot higher on rumors that Goldman might post big profits. Hey I got a rumor for you: nation's number one lender to small and midsized businesses on the verge of bankruptcy.

edgar said...

They should just quit. Work is for chumps.

Son of Brock Landers said...

hmmm, production slowdowns in goods combined with massive $$ printing, this will end pretty.

Rob Dawg said...

The Chinese aren't stockpiling against a dollar crisis.

tj and the bear said...

Rob,

That sounds like the basis for another good post...

Pleather Murse said...

Buncha fifth columnists manipulated by their commie bosses.

Richard said...

Rob,
I have property in Sudbury. It is a mining town that has so far escaped the recent financial meltdown. People have their heads up their asses. Actually, most people in Canada cannot see what is comming down the line-and very soon as well. A good blog on Canada is
www.greaterfool.ca

Richard

Mr. Outspoken said...

All the key miners are suffering. My suspicion is it is fallout from mining future star Goldspring, Inc. whose stock continues its inexorable plunge now nearing half a cent.

Rob Dawg said...

What materials producers don't understand is that modern financial alchemy has gutted the traditional value of companies that make things. They are going to fail left and right for financial reasons not necessarily economic reasons.

That's why this time is different.