PITTSBURGH, Sept. 10 /PRNewswire-FirstCall/ -- United States Steel
Corporation (NYSE: X) and its U. S. Steel Tubular Products, Inc. subsidiary
today announced that its United Steelworkers-represented employees have
ratified new four-year collective bargaining agreements. One agreement
covers approximately 16,000 employees at U. S. Steel's domestic flat-rolled
and iron ore mining facilities as well as tubular operations in Lorain,
Ohio, and Fairfield, Ala. The second agreement covers approximately 900
employees at U. S. Steel Tubular Products, Inc.'s Texas Operations
Division, a welded tubular products facility in Lone Star, Texas.
Commenting on the announcement, U. S. Steel Chairman and Chief
Executive Officer John P. Surma said, "U. S. Steel is pleased with the
outcome of the ratification vote. The newly approved four-year contracts
are in the best interests of our company and our many stakeholders."
The agreements, which are effective Sept. 1, contain no-strike
provisions and expire on Sept. 1, 2012. Employees at locations other than
Texas Operations Division will receive a signing bonus of $6,000, a wage
increase of $1 per hour effective Sept. 1, and a 4 percent wage increase
each Sept. 1 thereafter through 2011. Texas Operations Division employees
will receive a signing bonus of $5,000, initial wage increases ranging from
$0.65 to $0.91 per hour and subsequent 4 percent increases as described
above.
The agreements provide for pension and other benefit enhancements for
both current employees and retirees, and the profit sharing plan from the
2003 agreement has been continued and will include all tubular operations
in the future. At certain high levels of income from operations, some
profit-sharing amounts will be contributed to our trust for retiree health
care and life insurance. In addition to other mandatory contributions to
this trust, U. S. Steel will contribute $75 million annually during the
four-year term to a restricted account within the trust. Use of these funds
for beneficiaries of the trust will be determined in the future collective
bargaining of a successor labor agreement.
Financial impacts of the new agreements will be reflected beginning in
the third quarter 2008 financial statements, including a pre-tax charge of
approximately $100 million for the signing bonus payments.
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For more information about U. S. Steel, visit http://www.ussteel.com.
SOURCE United States Steel Corporation
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Related links:
http://www.ussteel.com
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CONTACT:
John Armstrong, +1-412-433-6792, or Erin
DiPietro, +1-412-433-6845, both of United States Steel
Corporation
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