Post Standard reported that Crucible Specialty Metal workers have overwhelmingly agreed to accept major pay cuts as part of a labor contract designed to save the bankrupt Geddes steel mill.

By a ratio of 4:1, union members approved the contract offered by BlackEagle Partners LLC. BlackEagle, which specializes in rescuing troubled companies, is headed by LeMoyne College graduate Mr Michael Madden.

Crucible employs 693 people, about 550 of them union members. They voted at Pensabene's Casa Grande banquet hall on State Fair Boulevard in Syracuse after union officials explained contract details in a private meeting. Workers gathered outside the hall cheered and applauded when the voting results were announced.

The five year contract contains hourly wage cuts of about USD 2, elimination of incentive pay, increases in employee contributions to health insurance premiums and elimination of retiree health insurance.

Mr Madden said that the union's support was crucial. He added that "The work force at Crucible is spectacular. From a personal standpoint, assuming we can get this thing done, it will be very gratifying if we can save several hundred jobs."

Mr Richard Knowles, sub district director for United Steelworkers of America, said that he was proud of union members for their willingness to make sacrifices to keep the plant open. He added that "This is their whole lives and they want to have a successful steel mill here in Syracuse. They were willing to take the chance they could keep it going and move forward."

(Sourced from Post Standard)