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
Latin America’s steel industry grapples with declining demand, rising imports
With climbing imports and falling consumption, the Latin American steel industry has had a challenging 2024, according to an Alacero report.
CRU: Trump tariffs could stimulate steel demand
Now that the dust has settled from the US election, as have the immediate reactions in the equity, bond, and commodity markets, this is a prime opportunity to look at how a second Trump presidency might affect the US steel market.
HVAC shipments slip in September but are still trending higher
Following a strong August, total heating and cooling equipment shipments eased in September to a five-month low, according to the latest data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI).
GrafTech Q3 loss widens as electrode demand remains soft
GrafTech International’s third-quarter net loss increased from last year, with the company anticipating continuing weakness in near-term demand for graphite electrodes.
Cliffs forecasts 2025 rebound after Q3’s weakest demand since Covid
The negative impact of high interest rates on consumer behavior, particularly in the automotive and housing sectors, was the primary driver of the demand weakness seen across the third quarter, according to Cleveland-Cliffs executives.