Steel workers ratify three-year contract

Posted on Sep 30, 2012 in Business | 0 comments

U.S. Steel and subsidiary U.S. Steel Tubular Products Inc. said union workers have ratified a three-year contract that will keep the company competitive.

The Allentown, Pa., Morning Call reported Saturday the contract covers 16,000 workers at U.S. Steel and 1,000 at the U.S. Steel Tubular Product Inc. plant in Lone Star, Texas.

“We believe that this newly approved and competitive three-year agreement is in the best interests of our company, our employees and all of our stakeholders,” said U.S. Steel Chairman and Chief Executive Officer John Surma.

The contract includes a ratification bonus of $2,000 to be paid by Oct. 15, a 2 percent wage increase beginning Sept. 1, 2013, a 2.5 percent raise beginning Jan. 1, 2015, and a $500 bonus scheduled for April 1, 2014.

Leo W. Gerard, international president of the United Steelworkers of America, said the contract means “the future is brighter for U.S. Steel employees and retirees.”

The union — which represents about 850,000 workers in the United States, Canada and the Caribbean — said the contract “protects healthcare benefits for retirees.

Copyright 2012 by United Press International