New deal with union underpins NZ Steel's A$50M savings drive

Sun, 04 Oct 2015

By Pattrick Smellie Oct. 5 (BusinessDesk) - New Zealand Steel's blue collar workforce has agreed to forego annual bonus payments during unprofitable years to allow the Auckland-based unit of ASX-listed Bluescope Steel a fighting chance as it seeks A$50 million in annual savings. The two year deal also sees the workforce take just a 1 percent pay increase over two years and was "a very good outcome" from a collaborative process, NZ Steel chief executive Andrew Garey told BusinessDesk. "It (the new contract) wasn't due till next May" and...

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