During our partnership meeting with the company, we were given an update on business and the upcoming plans for 2021 at UPI. Business is looking very good for the first quarter of 2021, better then what was planned by the sales group and looks to continue into the 2nd quarter of the year. They stated that the demand for sheet and tin products on the West Coast is very high right now and they are working very hard to find enough hot bands to fill the orders.
At the sametime we were notified that UPI is looking to sell the port and part if the dock terminal. We had asked why this is taking place and we were told that the port is very costly to maintain and to keep up to regulations along with it being worth a substantial amount of money.
With the sale of the port UPI will be able to pay off its outstanding debt, be able to purchase 2 new cranes to off load rail at a different location on UPI property and have cash on hand to reinvest into the operations of the plant.
At this time UPI has no current plans to have any vessels arrive but, if in the future we were to have a vessel deliver product to us we would be able to utilize the port and dock for offloading of hot bands. As we get more information on the sale and usage of the port we will get it out to the membership.
Please pass on this information to your fellow Union Brother's and Sister's.
