Steel Mills
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 Steel Mills
USW says opposing USS/Nippon deal is First Amendment right, seeks lawsuit dismissal
The union says the suit is "a frivolous and unsubstantiated attack on our union simply for exercising our First Amendment rights."
AISI: Weekly raw steel output ticks higher
The volume of raw steel produced by US mills slightly increased last week, according to American Iron and Steel Institute (AISI) data. Last week’s production rate represents the second-highest level recorded this year.
Opening briefs filed in Nippon/USS lawsuit vs. US government
Together, Nippon Steel, Nippon Steel North America, and U.S. Steel announced the filing of their opening brief in their litigation to invalidate the government’s decision to block their announced merger. The brief lays out “how President Biden made a predetermined decision for political reasons, not national security, causing CFIUS to engage in a sham review […]
Cliffs blames muted auto demand for steep losses in 2024
Muted demand from the auto industry took a particular toll later in the year.
U.S. Steel losses widen, better times seen as BR2 ramp-up continues
U.S. Steel’s losses widened in the fourth quarter on lower steel prices, weaker demand, and startup costs relating to the expansion of its Big River Steel EAF sheet mill in Arkansas. But the Pittsburgh-based steelmaker said it expected results to improve in 2025 as Big River 2 – the project to double capacity at the Osceola, Ark., mill - gains steam.