United States Steel has reached a tentative agreement with the United Steelworkers on a new four-year contract covering approximately 11,000 USW-represented employees at the company’s domestic flat-rolled facilities, iron ore mining facilities and applicable tubular operations. The tentative agreement remains subject to ratification. US Steel President & Chief Executive Officer Mr David B Burritt said “We are pleased to have reached a tentative agreement with the USW that supports our unionized workforce while balancing the interests of all our stakeholders towards our Best for All future. I appreciate the efforts of both sides to work towards a responsible and mutually beneficial agreement. The time spent resulted in a contract that truly is Best for All. We leveraged our strong balance sheet to reward union employees with a bonus and strong base wages. We also leveraged our overfunded pension and OPEB plans to support the benefits provided to our employees. The tentative agreement reflects our core belief that when US Steel does well, employees do well. Strong base wage increases and benefit enhancements to support our employees’ wellbeing are key parts of this tentative agreement because we know their hard work is essential to delivering sustainable steel solutions for people and planet and enhancing our customer satisfaction.” TENTATIVE AGREEMENT HIGHLIGHTS WagesThe tentative agreement includes a 5% base wage increase each year for 4 years, equal to 21.55% compounded. Combined with our uncapped profit-sharing, this keeps you among the best paid workers in the industry. Appreciation BonusThe tentative agreement also includes a $4,000 Essential Worker Appreciation Bonus payable upon ratification. Inflation ProtectionYou’re protected from inflation through the Inflation Recognition Payment, which provides quarterly payments if inflation hits certain markers. Profit SharingOur uncapped profit sharing is the same. For the third quarter 2022, profit sharing is more than $25 per hour – which puts cash in your pocket. Active HealthcareWe heard how important it is for you to keep your same providers, and this agreement preserves your current healthcare options. Pension and RetirementTo add additional security for your retirement, the agreement includes an increase in hourly contributions to the SteelWorkers Pension Trust (SPT) by $0.50/hour.In addition, employees hired after January 1, 2016 will receive an additional $0.10/hour contribution to their Retiree Healthcare Account.The defined benefit multiplier increases to $126 for future years of service (post January 1, 2023) and $115 for past years of service. Floating HolidayAligned with U. S. Steel’s commitment to diversity and inclusion, you’ll receive one floating holiday each year that you can use to celebrate a day that is important to you. VacationEmployees with more than 30 years of service will receive an additional week of vacation, for a total of 6 weeks.For newer employees their vacation eligibility begins after their probationary period. Leaves of Absence12 days paid time off for victims of domestic violence and 2 weeks paid parental leave.
United States Steel has reached a tentative agreement with the United Steelworkers on a new four-year contract covering approximately 11,000 USW-represented employees at the company’s domestic flat-rolled facilities, iron ore mining facilities and applicable tubular operations. The tentative agreement remains subject to ratification. US Steel President & Chief Executive Officer Mr David B Burritt said “We are pleased to have reached a tentative agreement with the USW that supports our unionized workforce while balancing the interests of all our stakeholders towards our Best for All future. I appreciate the efforts of both sides to work towards a responsible and mutually beneficial agreement. The time spent resulted in a contract that truly is Best for All. We leveraged our strong balance sheet to reward union employees with a bonus and strong base wages. We also leveraged our overfunded pension and OPEB plans to support the benefits provided to our employees. The tentative agreement reflects our core belief that when US Steel does well, employees do well. Strong base wage increases and benefit enhancements to support our employees’ wellbeing are key parts of this tentative agreement because we know their hard work is essential to delivering sustainable steel solutions for people and planet and enhancing our customer satisfaction.” TENTATIVE AGREEMENT HIGHLIGHTS WagesThe tentative agreement includes a 5% base wage increase each year for 4 years, equal to 21.55% compounded. Combined with our uncapped profit-sharing, this keeps you among the best paid workers in the industry. Appreciation BonusThe tentative agreement also includes a $4,000 Essential Worker Appreciation Bonus payable upon ratification. Inflation ProtectionYou’re protected from inflation through the Inflation Recognition Payment, which provides quarterly payments if inflation hits certain markers. Profit SharingOur uncapped profit sharing is the same. For the third quarter 2022, profit sharing is more than $25 per hour – which puts cash in your pocket. Active HealthcareWe heard how important it is for you to keep your same providers, and this agreement preserves your current healthcare options. Pension and RetirementTo add additional security for your retirement, the agreement includes an increase in hourly contributions to the SteelWorkers Pension Trust (SPT) by $0.50/hour.In addition, employees hired after January 1, 2016 will receive an additional $0.10/hour contribution to their Retiree Healthcare Account.The defined benefit multiplier increases to $126 for future years of service (post January 1, 2023) and $115 for past years of service. Floating HolidayAligned with U. S. Steel’s commitment to diversity and inclusion, you’ll receive one floating holiday each year that you can use to celebrate a day that is important to you. VacationEmployees with more than 30 years of service will receive an additional week of vacation, for a total of 6 weeks.For newer employees their vacation eligibility begins after their probationary period. Leaves of Absence12 days paid time off for victims of domestic violence and 2 weeks paid parental leave.
