Steel Markets
UAW-GM Contract Tentatively Approved, Ford Agreement Reached
Written by Sandy Williams
November 6, 2015
The UAW announced the completion of voting for a new labor contract with General Motors. The overall vote was 55.43 percent in favor and 44.57 percent against.
Production workers voted for the contract by a 58.3 percent to 41.7 percent margin. Skilled trades, however, voted against the agreement, with 40.5 percent in favor and 59.5 against. The salaried contract was ratified by a unanimous vote.
Ratification will not be announced until the UAW holds meetings with the Skilled Trades membership to determine why it rejected the tentative agreement. Actions as a result of the inquiry by the UAW International Executive Board cannot change aspects of the agreement which are common to all members.
On Friday, the UAW also announced a tentative agreement had been reached with Ford. Talks have been proceeding in the background as negotiations with FCA and GM were concluded.
“This agreement is significant for our members in that it creates a clear path for economic advancement for active members and rewards veteran employees for their sacrifices in recent years,” said UAW Vice President Jimmy Settles. “It is one of the richest agreements in the history of UAW-Ford.”
Highlights of the agreement are reported to include $8,500 in signing bonuses, cap free profit sharing, $1,500 annual inflation protection bonus and the same raises offered to FCA and GM. Official details of the agreement will not be released until union leaders review and approve it. UAW leaders are scheduled to meet in Detroit on Monday at 10:00 a.m.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
US importers face stricter rules under revamped S232 tariffs
“CBP expects full compliance from the trade community for accurate reporting and payment of the additional duties. CBP will take enforcement action on non-compliance," the agency said in a March 7 bulletin.
Steel exports rebound in January
US steel exports recovered to a five-month high in January after having fallen to a two-year low in December. This growth follows four consecutive months of declining exports.
Construction spending drops marginally in January
Construction spending edged down slightly in January, slipping for the first time in four months. The US Census Bureau estimated spending at a seasonally adjusted annual rate of $2,196 billion in January, down 0.2% from December’s downward revised rate. The January figure is 3.3% higher than a year ago. January’s result, despite the slight erosion, […]
HVAC equipment shipments slow in December but strong annually
Shipments of heating and cooling equipment in the US fell to an 11-month low in December, according to the latest data released by the Air-Conditioning, Heating, and Refrigeration Institute (AHRI).
Apparent steel supply rebounds in December, but 2024 total at 4-year low
Apparent US steel supply rebounded in December, but 2024 was still the lowest level for supply since 2020.