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
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