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United States Steel Corporation (NYSE: X) announced today that it has reached a tentative agreement with the United Steelworkers (USW) on a new four-year contract covering approximately 11,000 USW-represented employees at the company’s domestic flat-rolled facilities, iron ore mining facilities and applicable tubular operations. The tentative agreement remains subject to ratification.
“We are pleased to have reached a tentative agreement with the USW that supports our unionized workforce while balancing the interests of all our stakeholders towards our Best for All® future,” said David B. Burritt, President and Chief Executive Officer of U. S. Steel. “I appreciate the efforts of both sides to work towards a responsible and mutually beneficial agreement. The time spent resulted in a contract that truly is Best for All. We leveraged our strong balance sheet to reward union employees with a bonus and strong base wages. We also leveraged our overfunded pension and OPEB plans to support the benefits provided to our employees. The tentative agreement reflects our core belief that when U. S. Steel does well, employees do well. Strong base wage increases and benefit enhancements to support our employees’ wellbeing are key parts of this tentative agreement because we know their hard work is essential to delivering sustainable steel solutions for people and planet and enhancing our customer satisfaction.”
Said U. S. Steel Senior Vice President and Chief Human Resources Officer Barry Melnkovic: “This tentative agreement is a textbook example of a responsible contract that meets the needs of our business and our employees and maintains the existing uncapped profit sharing plan that enables our employees to be among the highest paid in the industry.”
Details about the tentative agreement can be found at negotiations.uss.com.
Founded in 1901, United States Steel Corporation is a leading steel producer. With an unwavering focus on safety, the Company’s customer-centric Best for All® strategy is advancing a more secure, sustainable future for U. S. Steel and its stakeholders. With a renewed emphasis on innovation, U. S. Steel serves the automotive, construction, appliance, energy, containers, and packaging industries with high value-added steel products such as U. S. Steel’s proprietary XG3™ advanced high-strength steel. The Company also maintains competitively advantaged iron ore production and has an annual raw steelmaking capability of 22.4 million net tons. U. S. Steel is headquartered in Pittsburgh, Pennsylvania, with world-class operations across the United States and in Central Europe. For more information, please visit www.ussteel.com.
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Source: United States Steel Corporation