U. S. Steel Reaches Tentative Agreement with United Steelworkers on Three-year Contract for U.S. Flat-Rolled, Iron Ore Mining and Select Tubular Operations
United States Steel Corporation (NYSE: X) today announced a tentative agreement with the United Steelworkers (USW) on a successor three-year collective bargaining agreement covering approximately 16,000 USW-represented employees at U. S. Steel's domestic flat-rolled and iron ore mining facilities as well as tubular operations in Lorain, Ohio, and Fairfield, Ala. The tentative agreement remains subject to ratification.
Commenting on the announcement, U. S. Steel Chairman and Chief Executive Officer John P. Surma said, "We are pleased that a tentative agreement was reached with the United Steelworkers on a competitive three-year contract. We believe that this agreement is in the best interests of our company, our employees and all of our stakeholders."
Details about the tentative agreement will be made available after the ratification process is complete.
This release contains forward-looking statements with regard to a new labor agreement. The new labor agreement is subject to ratification by USW members. Future profitability and competitiveness are subject to numerous factors, many of which are beyond the control of U. S. Steel. In accordance with "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, cautionary statements identifying important factors, but not necessarily all factors, that could cause actual results to differ materially