Thursday, April 29, 2004

Vzla: Bad timing

Since last Thursday, 6,000 workers at Siderúrgica del Orinoco (Sidor) have been on the 300th strike in the company’s history. This time they are striking indefinitely for payment of 15% of net profits. With 92 hours clocked up so far, the stoppage is costing the company $3 million a day, according to calculations by Maritza Izaguirre, the steel company’s executive president.

The workers’ claims have to do with the Employee Participation Program, implemented six years ago. This program granted the workers a 20% shareholding in the company, to be administered by Bandes, which comes under the Finance Ministry.
Just when steel sales are skyrocketing, too.

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