% | $
Quotes you view appear here for quick access.

Southern Copper Corp. Message Board

  • rogluther rogluther Mar 29, 2014 12:48 PM Flag

    ASARCO Update

    I've not provided an update to ASARCO negotiations with the USW in quite a while because basically nothing was going on.

    So today I checked progress from the USW website which was last updated on 3/17 and found an interesting item. The USW highlighted two things: #1. Health care that the company wants concessions on and #2. the Successorship clause which the company wants eliminated from any new contract.

    Successorship briefly means that any buyer of ASARCO or any of its components is bound by existing contracts with the USW including the right of the USW to represent union workers. The company wants this clause eliminated. Nothing has been mentioned about Successorship for months until the latest USW update of 3/17. This update on Successorship states two things #1. the company is not backing off of their demand that this clause be eliminated and #2. "there have been a lot of visitors touring ASARCO/Grupo sites and rumors of ASARCO/Grupo selling one or more of its facilities are circulating." The USW states that they are not aware of any plans to sell facilities but state that retaining the Successorship clause is vital to ASARCO/Grupo reaching any new contract with the USW.

    The question I have for any "Labor Lawyers" that might read this post is: If ASARCO/Grupo sells one or more of its components BEFORE reaching a new contract with the USW would the new buyer be obligated to negotiate or even recognize the USW? I suspect the answer lies in weather the existing contract has been extended or if the USW is working without a contract (which I don't know-more research required). The answer to this question may explain why either party seems to be in no rush to reach a new settlement.


    SortNewest  |  Oldest  |  Most Replied Expand all replies
27.70+0.30(+1.09%)Oct 24 4:02 PMEDT