US Steel wont pay for benefits

A judge has decided that U.S. Steel will not be paying for retiree benefitsU.S. Steel will set aside $1.57 million for employee retention bonuses, but the company does not have to reinstate the retirement benefits for more than 20,000 retired steel workers.Coverage for prescription drugs and dental care was suspended in October 2015 after U.S. Steel Canada claimed they would go bankrupt if they did not get rid of those benefits.Justice Herman Wilton-Siegel did order U.S. Steel to contribute $2.7 million to a provincial transition fund for those retirees.Earlier this week U.S. Steel Canada argued that they weren’t in a good enough financial position to cover the retiree benefits, but the Steelworkers Union disputes that claim.The cost of retiree benefits is about $3.6 million a month. The union suggested that U.S. Steel is currently negotiating with bidders to buy the company and they don’t want the cost of retiree benefits to get in the way. read more