According to the union, the tentative agreement between the company and United Steelworkers Local 1123 offers a 2% wage increase in each of the contract, with the first increase retroactive to 26 September 2017. Employees also would receive a US$1,000 lump sum bonus within 30 days of contract ratification. The previous deal had provided for two US$500 payments to be made at times before the contract’s expiration.
TimkenSteel said the agreement offers “high-quality healthcare and retirement benefits for all members and a continued focus on safety and employee well-being.”
“We have continued to meet and work with union representatives over the past few weeks to arrive at an agreement that benefits our employees as well as our community," said Bill Bryan, TimkenSteel's executive vice president of manufacturing and supply chain.
A ratification vote has been scheduled for 16 November. The Steelworkers rejected the first tentative agreement in October on a vote of 708-574.