Weirton is in effort to reach a new labor contract soon

Weirton is in effort to reach a new labor contract soon

US's eighth largest integrated steel plant Weirton Steel Corp., submitted a new labor agreement proposal to the Independent Steelworkers Union (ISU) with a purpose to secure an agreement before December 31. Weirton Steel, which filed for bankruptcy protection on May 19 this year, was granted a $145 million loan through Emergency Steel Loan Guarantee Program last month, on the condition that a new labor agreement is signed. And December 31 is set as a deadline for the expiry of the program and bankruptcy protection. It is understood that the company is pretty willing to reach an agreement with their proposal which includes a better economic package for its workers, represented by the ISU, and exit from bankruptcy protection as planned.