AK Steel-USW extend labor agreement for Ashland works
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Ohio, US-based steelmaker AK Steel has said that members of the United Steelworkers (USW) Local 1865 union ratified on July 9 a three-year extension to a labor agreement covering about 750 hourly production and maintenance steel operations employees at the company's Ashland works. The terms of the extension are effective as of July 1, 2010, extending the existing contract to September 1, 2013.
AK Steel said the contract extension contains new language which allows the company flexibility in operating the Ashland works to meet market conditions while committing significant capital investments in the steelmaking plant, in particular the blast furnace.
The contract extension also provides lump sum payments of $1,500 to each represented employee covered by the contract in 2010, 2011 and 2012. In addition, the standard hourly wage rates will be increased by $1.00 in September of 2010.