After four months of negotiations and threats of a strike, the United Steelworkers (USW) union and ArcelorMittal reached a tentative agreement for a new labor contract over the weekend.
The new four-year deal, covering over 14,000 ArcelorMittal employees across the US, will give each employee a lump sum payment of $6,000, an hourly increase of $1.00 in the first year and 4 percent increases in each of the following three years. The USW will vote on the contract within 30 days.
Last week, the union was ready to strike, with rank-and-file members granting leaders strike authority on August 27. However, the strike was averted when the tentative new deal was struck Saturday, ahead of the Monday expiration of the previous contract.