Steelworkers Approve Alcoa Pact

The four-year labor agreement covers about 9,000 employees.
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Alcoa

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said members of the United Steelworkers union have ratified a new four-year labor agreement that covers roughly 9,000 employees at 15 locations.

"This new agreement improves the competitiveness of these locations, and is a good outcome for our employees, the company, the communities in which we operate, and for our customers," said Alain Belda, the chairman and CEO of the aluminum giant.

Alcoa will incur second-quarter charges of around 4 cents a share associated with the ratification of the contract and costs related to the preparation for a potential strike at the plants.

Shares of Alcoa rose 19 cents, or 0.6%, to $30.18 Friday.