“The revised six-year proposal, which we strongly believe is in the best long-term interest of all U. S. Steel stakeholders, includes a 14% base wage increase over the term of the agreement, guaranteed profit sharing and healthcare premiums offset with transition payments,” the company said in a statement Wednesday.
“Talks continue this week, and we continue to work diligently to reach a mutually agreeable conclusion. Our plants continue to operate in a safe and orderly fashion,” it added.
The union is working under a rolling 48-hour contract extension with the company. The current labor deal expired 1 September, and the Steelworkers have given union leaders permission to call a strike, if they deem one necessary.
The union contends that the company’s offers shortchange workers at a time when steelmakers are enjoying hefty profits.
Steelworkers are also attempting to set a new labor agreement with ArcelorMittal USA. Union members there have threatened to hold strike authorization votes if they don’t see any progress made toward a new deal this week.
“ArcelorMittal clearly intends to test our solidarity and our commitment to achieve a fair and equitable contract,” the union said in a separate update to ArcelorMittal employees.
The Wall Street Journal has a rundown of the negotiations here.