"We appreciate the work of the union leadership with our management team to achieve a contract at Mansfield Works that addresses both employee and company needs ahead of the expiration date," said AK Steel chief executive Roger K. Newport in a statement. 

"This early resolution positions us well to meet the future needs of our customers as we continue to drive our sales of more value-added and innovative products."

The agreement between the company and Steelworkers Local 169 expires 31 March 2021. It covers hourly production and maintenance employees at the facility, which produces a variety of stainless steels primarily for the automotive industry.