Steel Mills
AK Steel Middletown Works Signs New Contract Agreement
Written by Sandy Williams
June 11, 2014
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.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Nucor lowers 2024 output estimate for Brandenburg plate mill
Nucor has lowered the 2024 production estimate for its Brandenburg, Ky., plate mill due to soft market conditions.
SSAB adjusts output in weak Q3, readies for Q4 rebound
SSAB said lower plate prices in the US were the primary reason for reduced results in the second quarter. With a dismal Q3 outlook, the Swedish steelmaker is adjusting production across its facilities. That includes moving up its annual US mill outage in anticipation of a better Q4. SSAB Americas Revenues in the Americas segment […]
Topalian puts focus on “unfair” trade, eyes USMCA partners
Nucor’s top executive expressed concerns over unfair trade practices, highlighting increased steel imports from Mexico and Canada.
Cliffs sees close of Stelco buy, bottom to steel tags, and Mexico out of USMCA
Cleveland-Cliffs expects its acquisition of Canada’s Stelco to close later this year, which will help the the Cleveland-based steelmaker as a bottom to steel tags nears.
Nucor posts lower Q2 earnings, predicts tough Q3 too
Nucor recording lower second quarter earnings on falling steel prices. And the Charlotte, N.C.-based predicted that profits would be lower still in the third quarter, primarily because of weaker results from its steel mills divisions.