Steel Mills
AK Steel Middletown Works Signs New Contract Agreement
Written by Sandy Williams
June 11, 2014
AK Steel and Union members at Middletown Works settled contract negotiations three months early with a vote for ratification of a new labor agreement on Monday, June 10. Members of the International Association of Machinists and Aerospace Workers (IAM) Local 1943 voted 663 to 243 to accept the new 42-month contract. The agreement will take effect September 15, 2014 and expire on March 15, 2018.
“We are pleased to have reached a competitive labor agreement with our unionized employees at our Middletown Works,” said James L. Wainscott, Chairman, President and CEO of AK Steel. “The agreement continues to serve the interests of both the company and Local 1943 members in a highly competitive, global steel marketplace.”
The new agreement will cover approximately 1700 hourly production and maintenance workers at Middletown Works. Employees will receive a $1,500 signing bonus, an increase in wages and pension and an increase in worker’s VEBA contribution (Voluntary Employee Beneficiary Association). The VEBA assists retirees with payment for health care services if they retire before qualifying for Medicare.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Nippon won’t import slabs to US if U.S. Steel deal goes through
Nippon Steel has affirmed that if its $14.9-billion bid for U.S. Steel proves successful, the Japanese steelmaker will not import overseas-produced slabs to the US.
AISI: Raw steel production falls to 5-week low
Domestic raw steel mill production slipped to a five-week low last week, according to the latest figures released by the American Iron and Steel Institute (AISI). Weekly production is now at the third-lowest level recorded this year.
Nucor maintains HR price at $750/ton
Nucor’s weekly consumer spot price (CSP) for hot-rolled (HR) coil was unchanged week on week (w/w) at $750 per short ton (st) on Monday, Nov. 18.
Mexican court orders sale of officially bankrupt AHMSA
After failing to reach agreements with its creditors, Altos Hornos de México (AHMSA) has been formally declared bankrupt by a Mexican bankruptcy court.
AISI: Raw steel production edges back up
Domestic raw steel production recovered last week, after slipping the week prior, according to the latest American Iron and Steel Institute (AISI) data. Weekly production remains at some of the lowest levels recorded this year.