United Steelworkers, ArcelorMittal Reach Labor Pact -- 2ns Update
02 Novembre 2018 - 11:15PM
Dow Jones News
By Patrick Thomas
The United Steelworkers union and ArcelorMittal SA reached a
tentative deal on a new labor contract covering about 15,000
workers after several months of negotiations.
The four-year agreement for workers includes wage increases
between 3% and 4% each year and a $4,000 ratification bonus. The
deal with ArcelorMittal, the world's largest steelmaker, comes less
than a month after the union reached a similar agreement with
workers from U.S. Steel Corp.
"The proposed four-year agreement mirrors the industry standard
on wages, lump-sum payments and pensions and maintains or improves
our existing health-insurance benefits for active and retired
Steelworkers and their dependents," the steelworkers union said in
prepared remarks.
With a tentative deal in place, union members will now review
the proposal and vote on it.
Last week ArcelorMittal issued a statement outlining its latest
proposal to the union, which included no changes to profit-sharing,
no health-care premiums for active employees and no premium
increases for retirees.
The Luxembourg-based ArcelorMittal and U.S. Steel account for
40% of U.S. production capacity of flat-rolled steel, which has a
range of uses including in automotive and construction sector.
Workers at the two largest U.S. steelmakers have been demanding
higher compensation as tariffs on foreign metal push prices and
profits to their highest point in years. Leaders of the nearly
30,000 member union say the company's aren't passing those benefits
down to their workers.
"We are pleased to have a new, tentative agreement with our
partners at the USW and believe we have reached a fair and positive
outcome for all parties involved without disruption to our business
operations," John Brett, chief executive of ArcelorMittal, said in
a statement.
Write to Patrick Thomas at patrick.thomas@wsj.com
(END) Dow Jones Newswires
November 02, 2018 18:00 ET (22:00 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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