Abstract
ABSTRACT During the last quarter of the 20th century, worker ownership emerged as a popular option for North American workers trying to save their mills or factories from closing. Most of these efforts eventually failed, sometimes at great financial cost to workers who gambled away their savings or pensions. Yet a few worker buyouts succeeded over the long term. This article examines two of these success stories, one on either side of the Canada-United States border, while situating them within the wider history of worker ownership in North America. When the United Steelworkers of America engineered the worker buyout of Algoma Steel in 1992, Canada’s third largest integrated steel-maker, it became the largest worker owned industry in North America. Before that, Weirton Steel had been the largest since 1984 when independent steelworkers there bought the mill from National Steel. If worker ownership offered short-termed relief to workers facing plant closings, its longer-term viability is highly suspect. Many worker-owned firms shut during the next down-turn. Both Weirton and Algoma eventually reverted back to corporate ownership, albeit this time inside Indian-based multinationals, but worker ownership saved the two steel mills and helped modernize them.
Published Version
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