United States Steel Corporation and its
US Steel Tubular Products, Inc. subsidiary have announced that its United Steelworkers-represented employees have ratified new three-year collective bargaining agreements. The agreements cover approximately 18,000 employees at the company's domestic flat-rolled and iron ore mining facilities as well as tubular operations in Fairfield, Ala., Lorain, Ohio and Lone Star, Texas.
"We are pleased with the outcome of the ratification vote. We believe these three-year agreements are in the best interests of our company, our employees and all of our stakeholders," said
US Steel President and Chief Executive Officer Mario Longhi.
The agreements, effective retroactive to Sept. 1, contain no-strike provisions and expire on Sept. 1, 2018. The agreements provide for certain benefit adjustments for current and future employees and retirees as well as modifications to the profit sharing plan beginning in 2016.
US Steel indicated that the financial impacts of the new agreements will be reflected beginning in the second quarter 2016 financial statements.