Egyptian cement workers refuse buy-out and propose self-management
Submitted by Ed on May 21 2007 12:17
The Cement workers in Tora, Helwan and Suez are refusing an early buyout scheme their Italian management is currently drafting, with the aim of cutting down the labor force.
Instead the workers want to buy the shares of the foreign management, and are proposing they (the workers) run the company themselves, promising to bring down the cement market price from LE400 per ton (expected to rise soon to LE600) to LE200.