A spokesman for the parent company of Special Metals Corporation in Huntington said that a new contract voted on by union members was ratified.

Parties representing United Steelworkers Local 40 and Special Metals, owned by Precision Castparts Corporation, a worldwide manufacturer of complex metal components and products, pushed through negotiations late last week in hopes of preventing a strike planned by union workers.

A near deadlock on negotiations, which revolved around insurance issues and Special Metals' capability of contracting out work, was avoided with the contract ratification.

Earlier this month, Precision Castparts reported a 19% increase in first quarter net income, but warned of major headwinds including an unplanned shutdown of its 29,000 tonnes forging press in Houston.

Source - The Herald Dispatch

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