08:38:44 EDT Fri 03 May 2024
Enter Symbol
or Name
USA
CA



Algoma Central Corp
Symbol ALC
Shares Issued 38,509,127
Close 2023-10-27 C$ 14.43
Market Cap C$ 555,686,703
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FP says Algoma Central sees St. Lawrence strike drag on

2023-10-30 09:22 ET - In the News

The Financial Post reports in its Saturday edition that life is unusually quiet on Canada's main trade gateway to the Atlantic Ocean. The Post's Marisa Coulton writes that ships sat idle along the St. Lawrence Seaway on Friday, as the impasse of labour negotiations between port workers and the government-owned St. Lawrence Seaway Management Corp. (SLSMC) stretched toward a full week. The Canadian Steamship Lines' ships are fully crewed, but they are not going anywhere, at least not until the strike ends. The crews are using the downtime to do maintenance work and catch up on training, according to CSL, but they are ready to set sail the moment the St. Lawrence Seaway strike ends. "The downtime is costly, and the financial implications are considerable," said Allister Paterson, chief commercial officer of the CSL Group. Of their 17 ships, 15 are affected by the strike. Workers walked off the job Sunday, Oct. 22, after the Unifor bargaining team failed to reach an agreement with the SLSMC. Though talks resumed on Friday it was not clear when the timeline for a deal would resume. "No one benefits from this strike dragging on," wrote SLSMC chief executive officer Terence Bowles in an Oct. 26 statement.

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