Steel Markets
Breaking News: UAW AND FCA Reach a Tentative Agreement
Written by Sandy Williams
September 15, 2015
UAW President Dennis Williams and FCA US LLC CEO Sergio Marchionne held a news conference Tuesday evening at the UAW-Chrysler NTC Building in Detroit to announce that they have reached a tentative agreement.
No details of the agreement were given but Williams and Marchionne alluded to doing away with the two-tier system over time and inclusion of the co-op health care proposal by the UAW. Williams said all three companies were interested in the idea of a co-op to contain health costs.
Williams said, “I believe that the TA is balanced and keeps us in a competitive place.”
Williams said that it is a contract than can be patterned but said “It does not have to be identical.” He noted that automakers have different financial health and have different ways of operating.
The 4-year tentative agreement will be reviewed tomorrow by the UAW executive board. Local union leaders will then present it for discussion and to the membership for ratification. The process will take at least into next week. In the meantime, negotiations are continuing with Ford and GM.
“I look forward to the next four years of great production,” said Marchionne.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
USW cheers Evraz NA agreement with Atlas Holdings
The United Steelworkers (USW) labor union celebrated recent news of the signed agreement between Atlas Holdings and Evraz NA in which the Connecticut-based private equity company said it plans to acquire North America’s Evraz facilities.
Steel buyer spirits tempered by soft spot market conditions
Steel sheet buyers report feeling bogged down by the ongoing stresses of stagnant demand, news fatigue, tariff negotiations or implementation timelines, and persistent macroeconomic uncertainty.
Hot-rolled coil buyers continue seeking certainty
Steel market participants contend that buyers will remain in “wait-and-see" mode until some market stability is restored.
Latin American steel advocates warn on cheap import flood
Subsidized Chinese steel imports and cheap steel products from Association of Southeast Asian Nations (ASEAN) entering Latin American (LATAM) are threatening the region's steel market.
CRU: Steel prices fall amid global demand weakness
The forceful headwinds bearing down on steel markets across the globe have created demand challenges and sent prices southward. The US, however, challenged the global trend.