Read Larry Connors' blog – Short Term Trading Strategies
The company temporarily shut the mill down due to a lack of orders and will not reopen until market conditions improve, which is not expected to be until 2011.
Under the Trade Adjustment Assistance Program, which was expanded under the stimulus bill, workers will receive up to 130 weeks of cash payments for workers enrolled in full-time training programs; up to $1,500 in job search allowance; about $1,500 in job relocation expenses and a tax credit covering 80 percent of participants monthly insurance premiums.
Employees have up to 26 weeks to enroll in the program.
Local steelworkers union president James Sanderson said he will host a meeting soon, to help get members understand their benefits and enroll. The date has not yet been determined.
The TAA also applies to employees of contractors to the steel mill including security guards, Stein employees, Modis, Adeco and Grand Strand Personnel.
The petition was granted because the imports negatively impacted the sales of steel rod that the Georgetown mill, produces, and it resulted in the layoffs and sales declines for the mill, according to U.S. Department of Labor Records.
The TAA is in place for the workers who temporarily separated on or after June 15, 2008.
"I am extremely happy and delighted that our membership has been certified for the TAA benefits," Sanderson said." The training that will be available for the membership, is in greater depth the [Workforce Investment Act] training... This will help them feel a little bit more stable."
The union is also working with Horry-Georgetown Technical College to set up training courses.
Union workers also receive supplemental unemployment benefits pay which includes about 60 to 80 percent of their base pay. The duration of benefits ranges from one year to two years based on years of employment.
SUB pay also decreases at intervals. At the end of two years members receive 0 to 40 percent of their base pay.
To see more of The Sun News, or to subscribe to the newspaper, go to http://www.thesunnews.com/. Copyright (c) 2009, The Sun News, Myrtle Beach, S.C. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
