NSC workers bent ire on liquidator

The displaced workers of National Steel Corp. (NSC) are now benting their disappointment with the Securities and Exchange Commission (SEC)-appointed liquidator Danilo Concepcion for his alleged insensitivity to their plight.

Earlier, the 1,000-strong National Steel Labor Union - FFW (NASLU-FFW) formally petitioned the SEC to dissolve the evaluation committee (EC) and disqualify its chairman Trade and Industry Secretary Manuel Roxas II also for their discriminatory stance against the workers.

The workers, who claim they should also be treated as NSC creditors since the steel firm owes them a combined P750 million in back wages and benefits, were also protesting their exclusion from the EC.

The EC consists of representatives from NSC’s creditor-banks, the SEC, its liquidator and major shareholders Hottick Investments Ltd. Inc. of Malaysia and the state-owned National Development Co., an attached agency of the DTI.

NASLU-FFW said their grievances seem to be falling on deaf ears since Concepcion has failed to act on their petition to dissolve the EC despite the deadline given by the SEC last Friday. Instead, Concepcion reset the hearing to Oct. 23, the same date the EC had set as the deadline for the extension of the bid proposals for the lease of NSC’s Iligan City plant facilities.

"We are surprised at this persistent attempts of Mr. Concepcion to ignore the proceedings at the SEC," union president Simplicio Villarta said. "As a former SEC associate commissioner, he should be the last to ignore the proceedings pending with the Commission."

"Clearly, our petition is a prejudicial issue that must be resolved before the EC takes any action on NSC," Villarta added.

The workers also questioned the reconstitution of the EC despite the failure of its Malaysian owners to attend the committee’s meetings. Danaharta, the Malaysian assignee of Hottick’s controlling shareholdings in NSC, has indicated to President Arroyo their willingness to return to the EC to finally break the impasse on NSC’s long-delayed rehabilitation.

NSC, the country’s largest producer of semi-finished steel products, closed shop in November 1999 due to mounting losses and ballooning debts.