AK Steel announced that members of the United Autoworkers Local 3462 have ratified a three year extension to a labor agreement covering about 340 hourly production and maintenance employees at the company’s Coshocton (OH) Works.

The new agreement extends the existing contract to March 31, 2013. The contract had been scheduled to expire March 31, 2010.

AK Steel said UAW officials informed the company Monday evening that the contract extension had passed in voting held Monday in Coshocton.

The extension agreement includes lump sum payments of $1,000 to each represented employee covered by the contract in 2010, 2011 and 2012, while all other contract provisions remain unchanged.