A three-year agreement has been ratified by Local 1915 members of USW – United Steel Workers with AK Tube LLC, a wholly-owned subsidiary of AK Steel Holding Corporation (NYSE:AKS). The agreement covers workers numbering around 100 who are stationed at a facility located in Walbridge, Ohio. According to the AK Steel the agreement whose ratification took place on November 12 will become effective on January 22 next year. It will remain effective till January 22, 2021.
“We are pleased to have reached an agreement at AK Tube ahead of the expiration date. The new agreement provides a competitive labor contract that advances the interests of our employees and the company,” AK Steel’s chief executive officer, Roger K. Newport, said.
Currently AK Tube is involved in the production of stainless and carbon steel products used in automotive, truck as well as other markets. The AK Steel-owned company has its operations spread across North America and this includes in Queretaro, Mexico; Columbus, Indiana and Walbridge, Ohio.
AK Steel on the other hand is involved in the production of electrical and stainless steel products used in such sectors as the generation and distribution of electricity, manufacturing and automotive industries. Other subsidiaries of AK Steel are also involved in cold and hot stamping, die tooling and design, and manufacturing stainless steel and carbon tubing products.
The headquarters of AK Steel are in Ohio’s West Chester area. Presently AK Steel has around 9,400 workers in its employ with operations in West Virginia, Pennsylvania, Ohio, Michigan, Kentucky, Indiana and Alabama. AK Steel also has operations in Mexico and Canada.
Another group of workers that has entered an agreement with a steel company is the Local 1123 chapter of USW which had reached a four-year contract with Timkensteel Corp (NYSE:TMST). Members however still have to meet and vote on the agreement which offers to increase base wages every year.
Members will also be offered retirement benefits, high-quality healthcare and bonus opportunities under the tentative agreement. Approximately 1,650 employees are represented by the USW’s Local 1123 chapter.
On Monday shares of AK Steel Holding Corporation edged up by 1.65% to close the day at $4.30 a share.