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U. S. Steel Announces Ratification of New Collective Bargaining Agreements by United Steelworkers
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Rhea-AI Summary
United States Steel Corporation (NYSE: X) has ratified new four-year collective bargaining agreements with the United Steelworkers (USW) covering approximately 11,000 employees. These agreements, retroactive to September 1, 2022, will extend until September 1, 2026. CEO David B. Burritt expressed satisfaction with the agreements, emphasizing a balance among employees, customers, and shareholders. The negotiations utilized overfunded Other Post-Employment Benefit (OPEB) plans to enhance employee benefits. U.S. Steel continues to focus on innovation, sustainability, and operational excellence in its strategic plans.
Positive
Ratification of new four-year agreements enhances labor relations.
Increased employee benefits supported by overfunded OPEB plans.
Strategic focus on innovation and sustainability could drive future growth.
Negative
None.
PITTSBURGH--(BUSINESS WIRE)--
United States Steel Corporation (NYSE: X) today announced the ratification of new successor four-year collective bargaining agreements by the United Steelworkers (USW). These agreements cover approximately 11,000 USW- represented employees at the company’s domestic flat-rolled facilities, iron ore mining facilities and applicable tubular operations.
“We are pleased to have reached these agreements with our USW-represented employees,” said David B. Burritt, President and Chief Executive Officer of U. S. Steel. “The new agreements balance the needs of our employees, customers, stockholders, and other stakeholders. We will continue to work together in implementing our Best for All® strategy and transforming the future of steel through strategic investments in innovation, sustainability, operational excellence and the communities in which we operate.”
As part of the collective bargaining process, U. S. Steel and the USW leveraged the overfunded Other Post-Employment Benefit (OPEB) plans to support the benefits provided to employees. The plans were modified to allow U. S. Steel to cover additional legally permissible benefits previously paid by the Corporation.
The new agreements are retroactive to Sept. 1, 2022 and will continue through Sept. 1, 2026. Details about the new collective bargaining agreements can be found at negotiations.uss.com.
Founded in 1901, United States Steel Corporation is a leading steel producer. With an unwavering focus on safety, the Company’s customer-centric Best for All® strategy is advancing a more secure, sustainable future for U. S. Steel and its stakeholders. With a renewed emphasis on innovation, U. S. Steel serves the automotive, construction, appliance, energy, containers, and packaging industries with high value-added steel products such as U. S. Steel’s proprietary XG3™ advanced high-strength steel. The Company also maintains competitively advantaged iron ore production and has an annual raw steelmaking capability of 22.4 million net tons. U. S. Steel is headquartered in Pittsburgh, Pennsylvania, with world-class operations across the United States and in Central Europe. For more information, please visit www.ussteel.com.
Amanda Malkowski Media Relations Manager
Corporate Communications
C- (412) 736-2475
E – almalkowski@uss.com
Source: United States Steel Corporation
FAQ
What was announced by United States Steel Corporation on September 1, 2022?
United States Steel Corporation announced the ratification of new collective bargaining agreements with the United Steelworkers covering 11,000 employees.
How long are the new collective bargaining agreements valid for United States Steel Corporation?
The new collective bargaining agreements will be in effect from September 1, 2022, to September 1, 2026.
What is the focus of United States Steel's Best for All® strategy?
The Best for All® strategy focuses on innovation, sustainability, and operational excellence.
How many employees are represented under the new agreements by United Steelworkers?
Approximately 11,000 employees at U.S. Steel's domestic facilities are represented under the new agreements.
