(Georgetown-AP) Georgetown Steel wants immediate relief from its labor contract. Georgetown Steel said yesterday it would ask the bankruptcy court for temporary relief from some provisions of its collective bargaining agreements. The company closed October 21st and filed for Chapter Eleven bankruptcy protection the next day.

The company cited economic conditions and the fact that the union had twice rejected ten percent temporary pay cuts. Georgetown Steel has delayed plans to present a proposal to the union for contract changes. Union local president James Sanderson says he told workers at a meeting yesterday that they should prepare for the possibility that the plant will never reopen. The company says relief from the labor contract would help preserve assets as it seeks new financing or investments.