Steel Markets
UAW Calls Strike Notification in GM Negotiations
Written by Sandy Williams
October 25, 2015
The United Autoworkers set a strike deadline of 11:59 Sunday, Oct. 25 for General Motors.
VP and Director Cindy Estrada at the UAW General Motors Department sent GM the following notice:
“In accordance with the parties’ September 14, 2015 Memorandum of Understanding extending the termination date of the September 16, 2011 National Agreement and Salaried Master Agreement, this letter shall serve as formal notice provided by the International Union, UAW of the Union’s termination of the aforementioned agreements, to be effective at 11:59 p.m. this Sunday, October 25, 2015.”
GM confirmed in a statement that they had received the negotiations deadline. “We are working with them to address the issues and remain committed to obtaining an agreement that is good for employees and business.”
The two sides have been in talks since Thursday and are expected to continue until the deadline tonight.
Most analysts think a strike is unlikely. The same strategy was employed with FCA to put pressure on negotiations. A tentative agreement was reached with FCA on Oct. 7 just twenty minutes before the deadline.
Final negotiations with Ford will not start until the USW has a ratified agreement with General Motors.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
GrafTech’s Q2 loss widens in ‘challenging’ business environment
GrafTech cited a “challenging” part of the business cycle as its net loss widened in the second quarter.
CRU: Poor steel margins continue to push down raw material prices
Both iron ore and coking coal prices fell this week because of resistance from buyers. Iron ore prices have continued to fall throughout the past week, following sharp declines in steel prices in China, given no new policy announcement from the ‘Third Plenum’ meeting.
Op-Ed: The myth of the Mexican steel surge
We have heard ominous warnings about a flood of Mexican steel threatening the US market. It's the kind of rhetoric that gets thrown around often with little regard for the facts. The reality is that the Mexican steel surge is simply not happening, and the US steel industry has consistently maintained a significant trade surplus in finished products with Mexico. In 2023 alone, this surplus exceeded $3 billion.
CRU: Demand weakness continues to weigh on global sheet markets
Demand has remained persistently weak across the globe for sheet steel, weighing on prices. US HR coil prices fell the furthest this week as high-volume, low-priced deals were transacted as mills looked to fill order books and competed with one another amid relative demand weakness. Meanwhile, European prices were also down due to low demand […]
Influx of coated products fuels recent import surge
Steel imports fell back in May from April’s recent high but remained elevated compared to the levels seen over the past year. A deeper dive into the data confirms what SMU has been hearing from sources: Coated sheet is driving the recent rise in overall import levels.