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

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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