`How Can We Be Laid Off If We Own The Company?'

The day was dreary, the rain cold, as steelworkers picketed company headquarters last March, protesting the use of outside employees while union members were losing their jobs. It was a common scene, with one twist: The company was Weirton Steel Corp., which was bought by its workers in 1984 through an employee stock-ownership plan (ESOP). Those were the owners on the picket line. One marcher, Mark G. Glyptis, unseated the union's president in June on a platform of putting workers ahead of public shareholders, who recently bought 30% of Weirton. "I don't believe in maximizing profits at the expense of losing jobs," Glyptis says.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.