AK Steel announced that members of the United Auto Workers Local 3044 have ratified a new 6 year labor agreement covering about 190 hourly production employees at the company’s Rockport Works.

AK Steel said that UAW officials notified the company that the new contract was ratified in voting held on July 5th and 6th in Rockport. The new agreement takes effect August 1st 2007 and runs through September 30th 2013.

Mr James L Wainscott chairman, president & CEO of AK Steel said that “We are delighted that members of UAW Local 3044 have ratified a new competitive labor agreement that will help Rockport Works continue to serve our valued customers with outstanding quality and productivity. We are especially pleased that the new contract is in place well ahead of the expiration date of the previous agreement.”

AK Steel said that among various provisions the new contract at Rockport Works includes:
1. Competitive wage increases and lump sum payments
2. A signing bonus for early ratification
3. Continued cost sharing for employee health care
4. Improved contributions to a 401 defined contribution retirement plan.

The parties had agreed to commence early bargaining in the mutual desire to reach a new contract prior to the expiration of the existing agreement that would have expired on September 30th 2007. A tentative contract agreement was reached on June 28th 2007.