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Steelworkers Approve Alcoa Pact

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

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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.