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ACME METALS INC., UNITED STEELWORKERS AGREE TO NEW SIX-YEAR CONTRACT FOR ACME STEEL, ACME PACKAGING OPERATIONS

 RIVERDALE, Ill., Sept. 1 /PRNewswire/ -- Negotiators for Acme Metals Inc. and the United Steelworkers of America (USWA) this morning reached agreement on a new contract covering approximately 1,500 employees at the company's Acme Steel Co. and Acme Packaging Corp. operations in the Chicago area. The agreement followed an eight-hour extension of the previous contract.
 The new agreement is for six years, contains a no-strike provision, and a wage reopener after three years, subject to binding arbitration. It is subject to ratification by membership of USWA Local Union 1053 and 1657.
 Details of the contract were not released, pending union notification of members. However, Acme Metals Inc. Chairman and Chief Executive Officer Brian W.H. Marsden commented that "The agreement addresses Acme's unique needs, given our size and markets.
 "The agreement's six-year term assures our customers a long-term supply of steel and steel strapping products from our subsidiaries. It also offers our employees the prospect of stable employment," Marsden added.
 Negotiation of a satisfactory long-term labor agreement had been a key requirement in Acme Steel's proposal to build a thin slab continuous caster and direct hot strip mill complex at its Riverdale, Ill., steelmaking facilities. "This removes a major roadblock in the eyes of potential investors, who need complete assurance of uninterrupted harmonious operations before they will invest in such a project," Marsden added.
 Acme Metals Inc., through its operating subsidiaries, is a fully integrated producer of steel, steel strapping and strapping tools, welded steel pipe and tube, and automotive and light truck jacks. Its common stock is traded on NASDAQ's national market system with the symbol ACME.
 -0- 9/1/93
 /CONTACT: Charles A. Nekvasil, director of public and investor relations, 708-841-8383, Ext. 2266, of Acme Metals/
 (ACME)


CO: Acme Metals, Inc. ST: Illinois IN: MNG SU:

LG -- NY027 -- 7863 09/01/93 10:24 EDT
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Publication:PR Newswire
Date:Sep 1, 1993
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