The Canadian Press

1992-01-22 | Algoma

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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, ON, Canada
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 two hundred million dollars over a five year period with the obvious positive cash affect on the corporation >>

Clip ID: 19920122CPCN005