US Steel has made a new contract offer to steelworkers that would slightly boost its proposed pay increase from 13.6% over four years to 15% and that would cap health insurance spending at the current level. US Steel President & CEO Mr David Burritt said in a letter to steelworkers “This proposal provides strong wage growth, strong upside opportunity and strong downside protection for our employees. We know that the steel industry can be volatile. That is why our responsible compensation proposal of robust base wage increases, a guaranteed payable-now bonus, uncapped profit sharing, and inflation protection, combined with premium-free healthcare, is designed to support and reward employees through business cycles.”He added “We revised our proposal to meet our employees’ need for consistency in health care but to also meet our needs to control costs. Instead of the High Performance Network, we are proposing a cap and recover plan that will keep health care costs at 2022 levels. If costs rise, we will work with the USW to offset the costs. This is similar to what the USW negotiated with other steel companies.”US Steel is offering a 4% increase the first year, a 3% pay raise in years two and three and a 4% wage hike in the fourth year. That's a compounded pay increase of 15%, still short of the 20% Cleveland-Cliffs is offering.
US Steel has made a new contract offer to steelworkers that would slightly boost its proposed pay increase from 13.6% over four years to 15% and that would cap health insurance spending at the current level. US Steel President & CEO Mr David Burritt said in a letter to steelworkers “This proposal provides strong wage growth, strong upside opportunity and strong downside protection for our employees. We know that the steel industry can be volatile. That is why our responsible compensation proposal of robust base wage increases, a guaranteed payable-now bonus, uncapped profit sharing, and inflation protection, combined with premium-free healthcare, is designed to support and reward employees through business cycles.”He added “We revised our proposal to meet our employees’ need for consistency in health care but to also meet our needs to control costs. Instead of the High Performance Network, we are proposing a cap and recover plan that will keep health care costs at 2022 levels. If costs rise, we will work with the USW to offset the costs. This is similar to what the USW negotiated with other steel companies.”US Steel is offering a 4% increase the first year, a 3% pay raise in years two and three and a 4% wage hike in the fourth year. That's a compounded pay increase of 15%, still short of the 20% Cleveland-Cliffs is offering.
