April 7, 2011 / 11:37 PM / 7 years ago

UPDATE 1-Teck union workers at Elkview ratify new contract

TORONTO, April 7 (Reuters) - Union workers at Teck Resources Ltd TCKb.TO Elkview coal mine in British Columbia on Thursday ratified a five year agreement, ending a more than two-month long strike at the site.

A spokeswoman for the United Steelworkers union said 58.7 percent of members, who voted, cast votes in favor of the new agreement.

Workers at Elkview -- with an annual production capacity of 5.6 million tonnes -- started a strike over a new labor contract at the end of January. Roughly 700 workers at the facility had worked without a contract since the end of October.

The new contract takes effect retroactively from Nov. 1 and will expire on Oct. 31, 2015, according to the USW.

Teck, one of the world’s top exporters of metallurgical coal, a key raw material used to make steel, has a 95 percent interest in the Elkview mine. The remaining 5 percent is split between Japan’s Nippon Steel Corp 5401.T and South Korean steelmaker Posco.

The company initially said the strike would not reduce sales much as it was still able to ship coal from inventories at the mine.

But last month the company warned its full-year coal sales would fall short of prior projections due to the strike and adverse weather. [ID:nL3E7EN08P]

Teck now expects coal sales in 2011 to be between 23.5 and 24.5 million tonnes, compared with its prior view of 24.5-25.5 million tonnes. (Reporting by Euan Rocha; editing by Andre Grenon)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below