Market Segment
June 11, 2014
AK Steel Middletown Works Signs New Contract Agreement
Written by Sandy Williams
AK Steel and Union members at Middletown Works settled contract negotiations three months early with a vote for ratification of a new labor agreement on Monday, June 10. Members of the International Association of Machinists and Aerospace Workers (IAM) Local 1943 voted 663 to 243 to accept the new 42-month contract. The agreement will take effect September 15, 2014 and expire on March 15, 2018.
“We are pleased to have reached a competitive labor agreement with our unionized employees at our Middletown Works,” said James L. Wainscott, Chairman, President and CEO of AK Steel. “The agreement continues to serve the interests of both the company and Local 1943 members in a highly competitive, global steel marketplace.”
The new agreement will cover approximately 1700 hourly production and maintenance workers at Middletown Works. Employees will receive a $1,500 signing bonus, an increase in wages and pension and an increase in worker’s VEBA contribution (Voluntary Employee Beneficiary Association). The VEBA assists retirees with payment for health care services if they retire before qualifying for Medicare.
