Often, he noted, decisions to shut plants are made across the world, hitting hard in small towns with little alternative employment opportunities or governmental infrastructure prepared to find alternatives. In Seattle, President Clinton called for putting a human face on trade. OEOC is one of a very few remaining providers of employee ownership assistance. Housed on the campus of Kent State University, OEOC was created by the State of Ohio. Since its inception, OEOC has been involved in buyouts affecting 10,525 employees.
Employee ownership has a good track record as a job retention tool.
The steel industry remains in crisis. Devaluations and foreign producers' dumping stand to do major damage to many steel communities through shutdowns and cutbacks. It is our hope that these federal funds will allow for more aggressive assistance to these companies, their employees, and their communities. We look forward to working with the United Steelworkers and the steel companies in moving this effort forward.