On Friday, United States Steel Corporation and its US Steel Tubular Products, Inc. subsidiary announced that its United Steelworkers-represented employees have ratified new three-year collective bargaining agreements. One agreement covers approximately 16,000 employees at US Steel's domestic flat-rolled and iron ore mining facilities as well as tubular operations in Lorain, Ohio, and Fairfield, Alabama. The second agreement covers approximately 1,000 employees at US Steel Tubular Products, Inc.'s Texas Operations Division, a welded tubular products facility in Lone Star, Texas.
The agreements are effective retroactive to September 1, contain no-strike provisions, and expire on September 1, 2015. Employees will receive a lump sum payment of $2,000 by October 15, 2012, a 2 percent wage increase effective September 1, 2013, a lump sum payment of $500 effective April 1, 2014, and a 2.5 percent wage increase effective January 1, 2015. The agreements also provide for certain benefit adjustments for current and future retirees and modifications to the profit sharing plan beginning in 2013.