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No cash just future work, page-29

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Ravin'

1,300 Posts.

43

10/03/16

16:54

Post #: 17240821
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Originally posted by fitnfam ↑

So,
one night shift of 25 employees has rejected the pay cuts.GREAT MEDIA HYPE on the first vote.
That leaves another 375 to vote across sites with differing work environments.
Unless the resolution was Union put,then we'll have to wait and see "THE REAL VOTE/OUTCOME".
Even if the union has championed it,it may be putting its head a little too high above the parapet posturing.
The consequences could easily be a plan B involving even less Union employees and union fees and one mothballed beneficiation plant,I would suspect and maybe another mining site rationalized as well.
I would suspect those plant workers may vote differently to another part of the site and their bully drivers.
Costly for both sides in money if it is negative.

If the employees won't give,neither will the govt. divvy taxpayer funds,nor the lenders subsidize a loss maker.
As I understand it the pay reduction in mining was from the top down including management if the shop floor accepted it.That's the bosses too in case any ones saying otherwise.

No-ones going to guarantee anything going forward -welcome to the new industrial stage aka BSL and Port Kembla.
Not even the Govt,so time to get used to it and adapt.
Either you make money these days in steel or mining or you're reducing costs until you do or soon cease to exist.
Give up trying or refuse to lower costs and its Syonara buddy,you just aint worth the time of day or any further resources (read cash invested)

DYOR + DYODD Sympathy to those making hard financial decisions.

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The community reaction to this initial vote will be interesting

ARI Price at posting: 2.4¢ Sentiment: Hold Disclosure: Held
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