Economy
USW Wins Settlement for RG Steel Workers
Written by Sandy Williams
October 16, 2015
A settlement in the RG Steel Chapter 11 bankruptcy case will give the USW a 70 percent share of the $17.4 million that will be distributed to creditors. The union will receive $12 million, including $6.3 million in vacation and severance pay owed workers.
The USW has been working to recover funds for workers and retirees who were affected by the bankruptcy of RG Steel in 2012. Nearly 4,000 workers lost jobs at Sparrows Point, Md., Warren, Ohio and Wheeling, WV, and a coke making facility at Fallonsbee, WV.
The settlement to the USW also includes payments of $2.4 million to a voluntary employee beneficiary association (VEBA) for workers at Warren; $990,790 to the Steelworkers Health & Welfare Fund ; more than $814,000 to the Steelworkers Pension Trust; $445,590.31 to a VEBA for workers at Wheeling-Pitt, a predecessor to RG Steel; $480,000 to cover unpaid medical claims; and about $54,000 in severance for workers at an Allenport, Pa., mill that closed in 2008.
“The USW did a good job in making the best of a bad situation. It’s sad that it had to come to this, and unfortunate that this has affected so many hard-working people,” said David Boyd, a USW Local 9477 retiree who was employed at Sparrows Point, Md. “But the union never gave up and kept fighting for what was right all the way to the very end.”
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
Metalformers expect steady conditions in coming months
Metalformers expect economic activity to stabilize over the next three months, according to the recently released July Business Conditions Report from the Precision Metalforming Association (PMA).
Architecture Billings Index rises from 4-year low in June
The Architecture Billings Index (ABI) ticked up in June following May’s four-year low, according to the American Institute of Architects (AIA) and Deltek. While the index improved this month, it continues to indicate weak business conditions among architecture firms.
Beige Book: Uncertainty to continue fueling slower economic growth
Growth in the US economy continues to be constrained. The Federal Reserve’s Beige Book report for July shows more areas reporting flat or declining economic activity than in its previous report at the end of May.
AISI, AISC, University of Massachusetts get ~$6.4M EPA grant
The American Iron and Steel Institute (AISI), American Institute of Steel Construction (AISC), and the University of Massachusetts at Amherst have received a grant to enhance emissions reporting for steel construction projects.
Manufacturing activity in New York state continues to soften
New York state saw a continued decline in manufacturing activity in July, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.