Market Segment
USW Employees at US Steel Earn Hefty Profit Sharing Bonuses
Written by Laura Miller
August 1, 2022
United Steelworkers-represented workers at US Steel mills will be getting a hefty bonus for the steelmaker’s second quarter performance.
USW employees working for US Steel will receive $30.72 per qualifying hour, which can be upwards of $14,000, for the quarter, according to the company.
“Profit sharing is part of our contract with the USW to reward members for their hard work,” a US Steel spokeswoman told SMU.
The payout is a second quarter record, the spokeswoman said, but she would not provide additional details as to how many quarters USW-represented workers have been paid the profit-sharing bonuses.
In Q2, the Pittsburgh-based steelmaker earned a profit of $978 million—3.4% less than the $1.01 billion earned in the same quarter last year. Sales, meanwhile, were up 25.2% year-on-year to $6.29 billion.
US Steel and the USW are currently in master contract negotiations, with the current labor agreement set to expire on Sept. 1. For a list of US Steel locations covered in the negotiations, click here.
By Laura Miller, Laura@SteelMarketUpdate.com
Laura Miller
Read more from Laura MillerLatest in Market Segment
Nucor targets ‘white hot’ data center boom
With infrastructure demand shifting toward digital capacity, Nucor Corp. is positioning itself as the go-to steel supplier for the data center boom.
Gerdau’s N. American earnings rise in Q3 due to fall in imports
Gerdau’s North American profits rose in the third quarter, boosted by a decline in imports due to Section 232 steel tariffs.
Ternium swings to Q3 loss, eyes 2026 recovery
Ternium closed the third quarter with steady shipments and improving margins. But trade policy uncertainty and subdued demand in Mexico weighed on the Latin American steelmaker’s results.
SMU Mill Order Index fell in September
SMU’s Mill Order Index declined in September after repeated gains from June through August. The shift came as service center shipping rates and inventories fell.
Algoma’s losses widen in Q3 as tariff troubles continue
Algoma Steel’s net loss more than quadrupled in the third quarter on trade woes and its EAF transition. Separately, the company announced a change in leadership, as CEO Michael Garcia will retire at the end of the year.