Schwab 5 to10 Year Corpo... (AMEX:SCHI)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Schwab 5 to10 Year Corpo... Charts. Click Here for more Schwab 5 to10 Year Corpo... Charts.](/p.php?pid=staticchart&s=A%5ESCHI&p=8&t=15)
Sterling Chemicals Announces Strike By Collective Bargaining Unit
HOUSTON, May 4 /PRNewswire-FirstCall/ -- STERLING CHEMICALS, INC. (BULLETIN
BOARD: SCHI) announced that its workers represented by The Texas City Metals
Trade Council went on strike at 10:30 a.m. Monday, May 3, 2004. The Texas City
Metals Trade Council, which represents the Company's hourly workers at its
Texas City, Texas manufacturing facilities, ordered union members to walk off
the job after rejecting the Company's final and concluding offer for a new
collective bargaining agreement. Including contract workers, over 500 people
work at the site, with approximately 180 of those people being represented by
The Texas City Metals Trade Council. The Company has successfully taken over
the operations of the plant and expects to be able operate the facilities and
supply its customers without interruption during the strike.
Richard K. Crump, Sterling's President and Chief Executive Officer, said "We
are very disappointed that The Texas City Metals Trade Council has decided to
take this action. In the meantime, we are continuing to operate all of our
manufacturing facilities with our salaried workforce, supplemented with
contract laborers. We are hopeful that negotiations will resume quickly and
that we will be able to enter into a new collective bargaining agreement with
our hourly work force in the near future."
Based in Houston, Texas, Sterling Chemicals, Inc. manufactures a variety of
petrochemical products at its facilities in Texas City, Texas.
Statements in this press release that contain "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended, include,
but are not limited to, statements concerning the prospects for arriving at a
new union contract and the ability to operate Sterling's manufacturing
facilities during the strike. Such statements are inherently subject to a
variety of risks and uncertainties that could cause actual results to differ
materially from those anticipated or projected. A discussion of the risk
factors that could impact these areas and Sterling's overall business and
financial performance can be found in Sterling's filings with the Securities
and Exchange Commission, including Sterling's Annual Report on Form 10-K.
Investors and analysts should not place undue reliance on forward-looking
statements. Each forward-looking statement speaks only as of the date of this
press release, and Sterling undertakes no obligation to publicly update or
revise any forward-looking statements. Copies of Sterling's most recent Annual
Report on Form 10-K are posted on, or may be accessed through, Sterling's
website at http://www.sterlingchemicals.com/ .
DATASOURCE: Sterling Chemicals, Inc.
CONTACT: Paul Vanderhoven of Sterling Chemicals, Inc., +1-713-654-9549
Web site: http://www.sterlingchemicals.com/