Sept. 28, 2012
/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 three-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
, Ala. The second agreement covers approximately 1,000 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. We believe that this newly approved and competitive three-year agreement is in the best interests of our company, our employees and all of our stakeholders."
The agreements, which are effective retroactive to
, contain no-strike provisions and expire on
, 2015. Employees will receive a lump sum payment of
Oct. 15, 2012
, a 2 percent wage increase effective
Sept. 1, 2013
, a lump sum payment of
April 1, 2014
, and a 2.5 percent wage increase effective
, 2015. The agreements also provide for certain benefit adjustments for current and future retirees and modifications to the profit sharing plan beginning in 2013.
Financial impacts of the new agreements will be reflected beginning in the third quarter 2012 financial statements, including a pre-tax charge of approximately
for the lump sum payment that will be made by
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SOURCE United States Steel Corporation