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
CMC looks beyond Arizona micro-mill woes to long-term viability of construction mart
Despite the economic and geopolitical upheaval of the last five years, CMC President and CEO Peter Matt points out that the construction market has been an essential element of the way forward.
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).