In a statement, Universal Stainless said the agreement with Steelworkers Local 2332-2, which represents hourly workers at the company’s North Jackson Specialty Steel facility in Ohio, is retroactive to 1 July. The company said the new contract contains flexible work rule terms and profit-sharing incentives.

“We are pleased that we have a labor agreement at our North Jackson Specialty Steel facility that is in the best interests of our employees, customers and shareholders,” said Universal Stainless chairman and chief executive Dennis Oates.