Pittsburgh-based United States Steel Corporation (U.S. Steel) announced Tuesday that its new four-year collective bargaining agreement with the United Steelworkers union (USW) had been ratified.
The new agreement covers an estimated 11,000 USW-represented employees at U.S. Steel’s domestic flat-rolled facilities, iron ore mining facilities, and all applicable tubular operations. The new agreement includes a $4,000 bonus to the Basic Labor Agreement and is retroactive to Sept. 1, 2022. The agreement will continue through Sept. 1, 2026.
“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.”
Part of the agreement allowed U.S. Steel and the USW to leverage the overfunded Other Post-Employment Benefit (OPEB) plans to support employee benefits. The plans were modified to allow U.S. Steel to cover additional legally permissible benefits previously paid by the Corporation.
Burritt said the company is set to achieve a banner year financially.
“Thank you for your hard work this year,” he said to workers on the company’s website. “Thanks to your efforts, we are on track to deliver our second-best financial year in company history. We felt it was important to not only recognize your hard work with a fair and responsible contract but one that demonstrates our gratitude.”