Trade Union and Ispat Iscor reach an agreement
According to the statement released by South African steel producer Ispat Iscor, the company has recently reached an agreement with Solidarity Trade Union, regarding the wages. Iscor previously announced that it had successfully completed wage negotiations with the other two representative trade unions, namely the National Union of Metal Workers of South Africa (NUMSA) and United Association of South Africa (UASA). The terms of the final agreement with the trade union guarantees 5% salary increase and variable pay component. The new wage settlement will be in effect till 2007.