Steel Markets
UAW Ratifies Nexteer Automotive Agreement
Written by Sandy Williams
December 19, 2015
The UAW has ratified a new contract with Nexteer Automotive after rejecting a first tentative agreement just two weeks ago. The ratification averted another possible strike by the membership.
UAW Local 699, representing 3,200 workers at Nexteer, reported that 64.2 percent of voting members supported the new contract.
Changes from the original agreement include increasing the signing bonus by $500 to $2000, higher hourly wages, no cost health care and better wages for forced overtime. The agreement was also lengthened from four years to five.
“Our employees have ratified a new labor contract that establishes the principles upon which we will conduct our Saginaw manufacturing operations for the next four and a half years,” said Nexteer Vice President and Chief Human Resource Officer Mark Decker. “Nexteer is committed to continue to work diligently to optimize our global cost structure, continue to grow our customer base and strengthen our technology leadership in the global automotive market.”
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
Steel export volumes remain weak through July
Following a 3% decline in June, the amount of steel shipped outside of the US edged up 1% in July to 623,000 short tons. July was the sixth-lowest monthly export rate since the COVID-19 pandemic, and...
Hot-rolled market participants say ‘doldrums’ to roll on through year-end
Participants in the hot-rolled steel sheet market expect the market to remain subdued through the end of the year.
Market says cutting interest rates will spur stalled domestic plate demand
Market sources say demand for domestic plate refuses to budge despite stagnating prices.
Great Lakes iron ore shipments declined in August
Shipments of iron ore across the Great Lakes dropped to 5 million short tons (st) in August, according to the latest data from the Lake Carriers’ Association. That’s down 9.1% compared to August 2024 and 2% lower than the month’s 5-year average. All told, the year-to-date (YTD) iron ore volumes through August totaled 26.7 million […]
SMU Week in Review: September 1-5
Here are highlights of what’s happened this past week and a few upcoming things to keep an eye on.