St. Lawrence Seaway Reaches Agreement with Union

SLSMC CEO says, “Three-year agreement reflects the commitment of both parties to a Seaway system that is sustainable.”

Cornwall, Ontario (October 14, 2008) - The St. Lawrence Seaway Management Corporation (SLSMC) is pleased to announce that a three-year agreement was reached with the union negotiating team at 11:00 p.m. Monday evening, after a series of earnest bargaining sessions which extended through the holiday weekend. The Canadian Auto Workers Union (CAW), which represents the Corporation’s 445 unionized employees, are unanimously recommending that the membership ratify the agreement.

Richard Corfe, President and CEO of the SLSMC, congratulated the groups on reaching a settlement. “This agreement reflects the commitment of both parties to a Seaway system that is sustainable” noted Mr. Corfe. “There can be little doubt that this outcome will be beneficial to all stakeholders”.

Administrator Collister (Terry) Johnson Jr. of the U.S. SLSDC observed, “I am delighted that the CAW has reached agreement with the Canadian SLSMC. It is important for all of the Seaway System’s customers to know that we have a stable, reliable system. Our stakeholders can have confidence that operations will continue even when challenges arise, given the goodwill that exists between the various parties.”

Since the inception of the Seaway in 1959, over 2.3 billion tonnes of cargo valued in excess of $350 billion has been transported via the waterway. For more information concerning the Seaway, and insight into its future, please visit www.greatlakes-seaway.com.