Premier's Remarks at Sysco News Conference

The following are remarks made by Premier John Hamm at the news conference announcing the sale of Sydney Steel.

I want to thank you all for coming. In particular I want to thank employees of the Sydney Steel Corporation for their patience and understanding over the past five months, and especially the last few weeks, days and hours.

Your fortitude in the midst of such difficult days has reinforced the respect that all Nova Scotians have for you and your families. You have dealt with challenges in an honest, fair and practical way.

Today is an important day in the history of Sydney Steel and indeed the history of Nova Scotia.

Thirty-two years ago, on December 19, the Sydney Steel act was passed. It was intended to see the steel mill publicly operated for one year - or until it was sold - whichever came first.

Eight premiers and almost three billion tax dollars later it has become clear that the best interests of the province are not served by supporting Sysco with taxpayers' money.

This province does not belong in the steel-making business, and I am pleased to say the province will no longer be in that business. The province will honor its existing commitments and liabilities, but hence forth no more public money will go into Sysco.

Sydney Steel will soon be a private company.

Today, I am pleased to announce that we have reached an agreement with Rail Associates Ltd. who will purchase Sydney Steel.

Earlier this year, we made it clear that our goal was to be out of the steel business by the year's end through either sale or closure.

I believe this clarity of intent has helped get us where we are today.

The preferable option for government, the steelworkers, and all Nova Scotians has always been a sale rather than a shutdown.

Today, I believe we have secured the best possible option with a sale that makes sense.

It is in the best interests of the workers and the taxpayers of Nova Scotia. It saves Nova Scotians from the staggering costs of closure.

It keeps workers working, and it maintains an important contributor to the local economy. And that's good news for the workers' families, for local business and for the larger community.

Over the next several weeks, we will work to make the transition to new ownership. Through it all we will be guided by two key principles fairness for workers and commitment to the taxpayers of Nova Scotia.

This announcement today is proof those two goals are not mutually exclusive.

I'd like to again thank the union president Bill MacNeil and his membership for their patience and assistance in reaching this agreement today. I would also like to thank the board and its chair, Teresa MacNeil, for their leadership.

May this be the beginning of a very good year for the community, for the region and for the province.

I'd now like to turn things over to the minister for more detail on the sale agreement.