WEST CHESTER, Ohio, Jan. 12 /PRNewswire-FirstCall/ -- AK Steel (NYSE: AKS)
said today that members of United Steelworkers of America (USW) Local 1915
have ratified a new labor agreement with its wholly-owned subsidiary, AK Tube
LLC, covering about 100 hourly production and maintenance employees at its
Walbridge, Ohio facility.
"We are pleased that members of Local 1915 have ratified a new, cost
competitive labor agreement at our Walbridge tube plant," said James L.
Wainscott, chairman, president and CEO of AK Steel. "This agreement addresses
costs and other concerns that our company faces in today's challenging market
conditions."
Under terms of the new agreement, there will be no wage increases during
the first year of the contract. Wage increases are included for the second
and third years of the contract. In addition, the agreement includes
significant workforce flexibility and healthcare cost-sharing provisions,
along with continuation of a gain-sharing plan and a ratification bonus. The
new agreement replaces a contract scheduled to expire on January 25, 2009.
AK Tube LLC, a wholly owned subsidiary of AK Steel, employs about 300 men
and women in plants in Walbridge, Ohio and Columbus, Indiana. AK Tube
produces carbon and stainless electric resistance welded (ERW) tubular steel
products for truck, automotive and other markets. Additional information
about AK Tube LLC is available on its web site at www.aktube.com.
AK Steel produces flat-rolled carbon, stainless and electrical steels,
primarily for automotive, appliance, construction and electrical power
generation and distribution markets. The company employs about 6,500 men and
women in Middletown, Mansfield, Coshocton and Zanesville, Ohio; Butler,
Pennsylvania; Ashland, Kentucky; Rockport, Indiana; and its corporate
headquarters in West Chester, Ohio. Additional information about AK Steel is
available on the company's web site at www.aksteel.com.
SOURCE AK Steel