Deal reached to end Iron Ore Co. strike

Deal reached to end Iron Ore Co. strike

A tentative deal has been reached to resolve a strike that idled the Iron Ore Company of Canada mine in Labrador City.

IOC and the United Steelworkers hammered out the deal over the weekend. About 1,000 workers had gone on strike March 9.

“The five-year pact includes base wage increases in each year, increases in pensions, medical and travel benefits and a substantial signing bonus,” IOC said in a statement issued early Monday.

The union had sought a deal for better benefits, and also wanted to improve seniority rights for its members. The union had also said it is concerned about the company’s desire to contract out services.

“We are hopeful that our employees will consider this package very seriously and ratify it so that we all can get back to work,” said IOC president Terence F. Bowles.

The IOC statement said the Steelworkers union is organizing a ratification vote.

A 2004 strike over wages and benefits lasted 10 weeks.

Bowles said he hopes the agreement will provide labour stability over the next five years.

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