Pacific Steel and Recycling Hosts Senator Jon Tester in Billings, Montana

December 3, 2013

Home News Pacific Steel and Recycling Hosts Senator Jon Tester in Billings, Montana

On Monday, Pacific Steel and Recycling hosted Senator Jon Tester (D-MT) at their new shredding facility in Billings, MT. The facility houses an impressive recycling shredder that can process 80 tons of metal material per hour.

During his time at the site, Sen. Tester took a turn on the loading crane, saw the shredder in action and met with a number of employee-owners who shared the personal benefits of being a part of an S ESOP company. They specifically mentioned the strong sense of community within the company and the peace of mind they have as employee-owners that their ESOP would continue to contribute to retirement funds. This confidence is a benefit that not all in the private sector are currently experiencing. To put in real world numbers, a study by Georgetown University, Resilience and Retirement Security, found that despite economic fluctuation, S ESOP companies increased contributions to retirement benefits for employees by 18.6%, while other U.S. companies increased their contributions to employee retirement accounts by only 2.8%.


These advantages, as well as many others, have led Senator Jon Tester and 17 other Senators to cosponsor bipartisan legislation that promotes employee ownership. Senator S. 742, The Promotion and Expansion of Private Employee Ownership Act of 2013,  it was introduced in the Senate by Finance Committee members Ben Cardin (D-MD) and Pat Roberts (R-KS) earlier this year. The bill will help more Americans gain retirement savings and security through private employee ownership.

Senator Tester said of the legislation, “This bill will strengthen a structure that promotes employee-ownership and helps workers build secure retirements by empowering businesses with the tools they need to access capital, retain workers, and hire new ones. This bill will make it possible for more Montanans to have better opportunities for good jobs and secure retirements.”

Jeff Millhollin, President and CEO of Pacific Steel & Recycling, an employee-owned company added, “When times are tough, employee-owners work even harder because of their commitment and investment in the business. We applaud this legislation that creates jobs and encourages long-term retirement savings for hardworking Montanans and Americans.”

ESCA thanks Pacific Steel for hosting the Senator and showcasing the successes of employee-ownership.

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