ATI and United Steelworkers Reach Tentative Agreement

Rhea-AI Summary

Allegheny Technologies Incorporated (NYSE: ATI) has reached a tentative agreement for a labor contract with the United Steelworkers (USW) covering around 1,300 employees in the Advanced Alloys & Solutions segment. This contract spans from March 1, 2021, to February 28, 2025, and is pending ratification by USW members. Executive vice president Kim Fields emphasized that the agreement supports employee stability and the company's goals, including mitigating healthcare cost inflation. ATI continues to pursue its strategy of exiting standard stainless sheet products.

Positive

• Tentative labor agreement reached, providing stability for 1,300 employees.
• Agreement aligns with company's goal to control healthcare costs.
• Supports long-term viability of ATI.

Negative

• None.

PITTSBURGH, July 6, 2021 /PRNewswire/ -- Allegheny Technologies Incorporated (NYSE: ATI) announced it has reached tentative agreement for its labor contract with the United Steelworkers (USW) covering approximately 1,300 represented employees located primarily within the Advanced Alloys & Solutions segment operations for the term covering March 1, 2021 – February 28, 2025.

The tentative agreement is subject to ratification by USW members in the coming weeks. Once ratified, an orderly return to work process will begin.

"The efforts of both parties have resulted in a tentative agreement that rewards our hard-working employees and contributes to the long-term viability of ATI," said Kim Fields, executive vice president of Advanced Alloys & Solutions and High Performance Materials & Components. "This enables stability for our employees, our customers, and our business."

The agreement meets the objectives the company consistently stated throughout these negotiations, including controlling our exposure to future healthcare cost inflation. "We look forward to bringing our long-time employees back to work and working together to safely operate to deliver our commitments to customers," said Fields.

The company remains on-track with its previously announced strategy to exit standard stainless sheet products. 

Solving the World's Challenges through Materials Science
ATI (NYSE: ATI) is a $3 billion global manufacturer solving the world's most difficult challenges through materials science; advanced, integrated process technologies; and relentlessly innovative people. We serve customers whose demanding applications need to fly higher, dig deeper, stand stronger, and last longer— anywhere on, above, or below the earth. We partner to create new specialty materials in forms that deliver ultimate performance and long-term value in applications like jet engine forgings and 3D-printed aerospace components. We produce powders for forging and additive manufacturing; rolled materials, and finished components. Our specialty materials withstand extremes of temperature, stress and corrosion to improve and protect human lives every day.  Learn more at ATIMetals.com.  

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SOURCE Allegheny Technologies

FAQ

What is the significance of the labor agreement for ATI on July 6, 2021?

The labor agreement is significant as it stabilizes employment for approximately 1,300 workers, aligning with ATI's strategic goals and addressing healthcare cost management.

When does the labor contract for ATI employees run until?

The labor contract for ATI employees runs from March 1, 2021, to February 28, 2025.

What segment is affected by the labor agreement at ATI?

The labor agreement affects employees primarily within the Advanced Alloys & Solutions segment.

What are the next steps after the tentative labor agreement at ATI?

The tentative agreement is subject to ratification by USW members, after which an orderly return to work process will begin.

What is ATI's strategy concerning stainless sheet products?

ATI is on track with its strategy to exit standard stainless sheet products.