It is reported that the unionized steelworkers of Evraz Rocky Mountain Steel, a long product producer in Pueblo, Colorado, have approved a new five year labor contract.

Few details of the contract have been released, though officials say it includes a small wage increase and allows the mill to maintain its competitive cost structure.

It is the first contract negotiated between the plant's workers and its Russian-based owner, Evraz, which acquired the mill from Oregon Steel in 2007.

Unionized workers at Evraz Rocky Mountain Steel include about 850 of the mill's 1,000 total workers.