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RTI International Metals, Inc. (NYSE: RTI), a global supplier of advanced titanium mill products and fabricated components, and the United Steelworkers of America Local 2155 today announced that they have reached agreement on a new long-term labor contract. The new agreement extends through June 30, 2018, and addresses wages, pensions and profit sharing for 350 union-represented employees at the RTI Niles facility. The successful negotiations were completed early, as the previous agreement did not expire until June 30, 2013.
Commenting on the pact, RTI Vice Chair, President and CEO, Dawne S. Hickton, stated, “RTI and the Steelworkers have over a 60 year relationship based upon the production of advanced titanium mill products at our Niles, Ohio, facility. The extension of our labor agreement through mid-2018, as well as RTI’s intention to continue to invest in the Niles plant, is further evidence of this collective commitment to produce best-in-class, advanced titanium mill products for our global customers.”
Todd Weddell, President of USW Local 2155 commented, “Through these early negotiations, we attained a fair contract with economic and other improvements for all our members. This package opens doors for continued prosperity for our members and RTI Niles. As a Union, we look forward to continuing to build and improve our relationship with RTI management.”
Forward Looking Statement
All statements in this release relating to matters that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected, anticipated or implied. These risks and uncertainties include, but are not limited to, the impact of global events on the commercial aerospace industry, actual build-rates, production schedules and titanium content per aircraft for commercial and military aerospace programs, the successful completion and integration of our recently announced acquisition, military spending generally and in particular, demand from the Joint Strike Fighter program, the impact from Boeing 787 production delays, global economic conditions, the competitive nature of the markets for specialty metals, the ability of RTI to obtain adequate raw materials, the successful completion of RTI’s capital expansion projects, and other risks and uncertainties described and included in RTI’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2010 and the Quarterly Reports on Form 10-Q for the quarters ended March 31, 2011, June 30, 2011 and September 30, 2011, and the exhibits attached to those filings. Actual results can differ materially from those forecasted or expected. The information contained in this release is qualified by and should be read in conjunction with the statements and notes filed with the Securities and Exchange Commission on Forms 10-K and 10-Q, as may be amended from time to time. The forward-looking statements in this document are intended to be subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. RTI undertakes no obligation to update or revise any forward-looking statements.