Management agreed to any wage rates, they also gave 3% increases through an EBA starting two years ago, the workers got it the last two years but the company reneged on the deal this year and next year.
A cost focused management should have frozen increases two years ago, they knew they were in trouble with high debt and falling IO prices but did nothing. Back in November the Board wanted to award Roberts and the senior executives 100 million performance rights at 10c a share, the shareholders rejected it. Arrium senior management are not very nice human beings at all, just greedy, self interested, lacking in integrity and shame.
You can't blame Union or workers if management have no balls or spine.
ARI Price at posting:
2.2¢ Sentiment: Hold Disclosure: Held
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