AK Steel Ashland Works contract ratified

AK Steel Ashland Works contract ratified

AK Steel has announced that the United Steelworkers (USW) Local 1865 has ratified a new five-year labor agreement covering 750 hourly production and maintenance employees at its Ashland Works, Kentucky plant. The agreement includes a company defined pension plan, increased healthcare cost-sharing, an enhanced profit-sharing plan, and the elimination of base workforce guarantees. AK president and CEO, James L. Wainscott said, “Ratification of this contract marks the beginning of a ‘new era’ for AK Steel and USW Local 1865. “This is a labor agreement that clearly recognizes AK Steel’s urgent need to have total employment costs that are competitive with the pattern established in the wake of steel company bankruptcies and consolidation we have witnessed over the last several years. At the same time, the agreement provides equitable and competitive contract provisions for employees and retirees.” The agreement covers a five year term spanning September 1, 2005 to September 1, 2010.