Steel Markets

UAW and FCA Reach Tentative Labor Agreement
Written by Sandy Williams
December 2, 2019
The United Auto Workers and Fiat Chrysler Automotive reached a tentative labor agreement over the holiday weekend. The four-year agreement includes $9 billion of investments by the company that will add 7,900 jobs during the contract period, said the UAW in a press statement. Other terms of the contract are confidential until members are informed.
According to Detroit News sources, the agreement includes a $9,000 ratification bonus, and no FCA plants will be closed.
“FCA has been a great American success story thanks to the hard work of our members. We have achieved substantial gains and job security provisions for the fastest growing auto company in the United States,” said UAW Acting President Rory Gamble. “During the previous four-year agreement, FCA added over 6,400 new UAW members.”
The UAW-FCA national council will meet on Dec. 4 to go over details of the agreement and, if adopted, will be presented to FCA hourly and salaried members for a ratification vote beginning Dec. 6.
The tentative agreement comes amidst scandals within the UAW, which saw its leadership resign over allegations of misuse of funds, and a racketeering lawsuit brought against FCA by General Motors.
Ratification of the contract by FCA union members will end the Detroit 3 auto contract negotiations until 2023.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
Sources confirm plate market rejected last round of mill hikes
Participants in the domestic steel plate market said the plate market never accepted mill-issued spot price increases.
Cliffs touts steel stamping solution to replace aluminum in automotive
Cliffs said it successfully completed a defect-free trial production of exposed steel parts using aluminum-forming equipment in collaboration with an unnamed OEM,
Hot-rolled market anticipates no change despite mill mark-ups
Domestic sheet market participants say recent spot price hikes from NLMK USA and Nucor will do little to shake-up stagnant market conditions. Price increases in the current market On Friday Oct. 24, NLMK customers learned that the producer’s hot- and cold-rolled prices increased $50 per short ton (st) and its coated products were $100/st higher. […]
Market sources say regional activity is dictating plate demand
Demand for plate on the spot market remains soft by comparison to years past. However, this week regional demand variations grew more pronounced.
AISI: Raw steel production bounces back
Domestic mill production rebounded last week, according to the latest production figures released by the American Iron and Steel Institute (AISI). Production had been historically strong over the summer months before softening in early October.
