AK Steel sets new deadline for Middletown workers

AK Steel has given its locked out Middletown Works employees until October 19 to accept its latest contract offer, which the company says can bring the lockout to an end on October 26. The locked out workers, represented by the International Association of Machinists, had voted down the company's last contract proposal on September 25. AK says that the back-to-work conditions of the new proposal stipulate that the workers will return to work as soon as possible and state that the workers will be guaranteed at least 40 hours of work per week. The previous proposal said that the workers would be called back gradually and would not be guaranteed 40 hours per week. The new proposal also differs from the previous proposal in that it clarifies the company's pension proposals. According to the latest proposal, the company will only exercise its right to withdraw from the pension plan if it has objective and credible evidence of serious funding problems. The voted-down proposal said the company could pull out of the plan at any time within the first five years and replace it with a 401(k) plan.