Comment 59685

By Undustrial (registered) - website | Posted February 13, 2011 at 10:46:14 in reply to Comment 59646

Stelco is pretty ripe for a co-op. There's no bold or charismatic directorate leading the way. Management has failed consistently for at least two decades now, and has ended up in over a billion dollars worth of debt to the workers for a good chunk of that.

A co-op structure could follow the already laid-out divisions in the company - plants, furnaces, bar/rod mills etc. In each of these, workers would become shareholders - with a share of profits and equity and vote in decision - making and procedural matters. From there each of these co-ops could be federated into a larger corporate entity - "Stelco", which could handle larger issues of co-ordination and contracts. There's no exotic new corporate law concepts which would be needed - simply a transfer of ownership.

I know a lot of steelworkers - virtually every one could teach a course on steel. These are experienced skilled workers - they know how to make steel, far better than every venture capitalist I've ever met. They simply need to be allowed to do so.

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