On Thursday, the United Steelworkers ratified a new labor agreement with ArcelorMittal that will last for three years. A total of 94 percent of the 14,000 workers voted in favor of the new deal, which increases wages in the first year by 2 percent, beginning next September, and then another 2.5 percent increase on January 1, 2014.
Additionally, the new agreement includes changes and cuts to retiree pensions and healthcare benefits, and workers will receive payments of $2,000 by the end of 2012 in a lump sum, and another $500 payment on May 15, 2014.