Picketing Resumes in Amarillo!
On May 11, 2020, members of USW Local 5613 resumed picketing at the ASARCO refinery in Amarillo following a timeout while the covid-19 virus spread through the local community.
Our union always puts safety first, and workers in Amarillo followed the guidance of public health officials during the temporary suspension of picketing, updated procedures for regular cleaning of the union hall.
The members of Local 5613 are appreciative of the efforts to ensure everyone’s safety and are ready to get back to a regular picket schedule. Safety equipment and supplies are being provided. The fight for a fair contract continues, and not even a global pandemic can stop us!
Grupo Mexico Reports Losses in the First Quarter of 2020
Grupo Mexico, the parent company of ASARCO, has released its financial reports for the first quarter of 2020, and the news is not good for the company’s bottom line, which has been affected by our ongoing unfair labor practice strike and covid-19 pandemic.
Grupo Mexico posted a net loss of more than $369 million in the first quarter. This represents a sharp downturn from the first quarter of 2019, when the company posted roughly $626 million in net profit.
Within its mining division, Grupo Mexico reported sales that were 63% lower than the first quarter of 2019, citing a “significant reduction in metal prices.”
The company confirmed that there was a decline in production at its ASARCO operations due to the shutdowns in Hayden and Amarillo.
During a conference call with financial analysts, the company was asked questions about copper pricing and production at its ASARCO properties and the impact of the srike.
Plunging demand for copper wire is likely to erode the company’s profits going forward.
According to American Metal Market, a trade publication which closely tracks developments in the copper industry, ASARCO has lost magnet wire customers during the labor dispute.
Solidarity is our strength!
Click here to download this as a printable PDF.
