The Canadian Press

1992-01-22 | Algoma

Preview Clip

In mid-January Algoma Steel of Sault Ste. Marie, Ontario embarked on a bold plan. The company had been operating for nearly a year under federal bankruptcy protection and decided to turn to its employees for help. Algoma chairman Earl Joudrie (JAWD'-ree) said that in exchange for giving up 200-million dollars in wages and benefits, Algoma employees would be given a 60-per-cent stake in the company -- majority ownership.

Date: 1992-01-22
Placeline: TORONTO, Ontario.
Source: The Canadian Press
Length: 17 seconds

Transcript Prediction: << we're asking that the employees agreed to compensation and benefit reductions which will total in excess of $200 over a five-year period with the obvious positive cash effect on the corporation >>