ASARCO And Unions Reach Three-year Agreement.NEW YORK--(BUSINESS WIRE)--July 8,1998--ASARCO Incorporated (NYSE NYSE See: New York Stock Exchange : AR) and the United Steelworkers United Steelworkers (USW) historic labour union representing workers in steel, aluminum, and other metallurgical industries for much of the 20th century. In the U.S. of America, the majority union representing the bargaining unit for employees at five of the Company's copper producing units, today announced the ratification of a three-year collective bargaining agreement The contractual agreement between an employer and a Labor Union that governs wages, hours, and working conditions for employees and which can be enforced against both the employer and the union for failure to comply with its terms. . The agreement covers approximately 2,000 employees at the El Paso smelter and Amarillo refinery in Texas, the Mission and Silver Bell mines and the Hayden smelter near Tucson, Arizona. The new agreement, which will have an effective date of July 1, 1998 and will expire on June 30, 2001, calls for wage increases which will be provided incrementally based upon copper prices. The total increase of $1.30 per hour is guaranteed by the conclusion of the three-year term. The agreement further provides for increases in the pension benefit as well as improvements in the medical plan. Under the agreement, the parties also confirmed their commitment to the Labor Management Participation Process that resulted from the parties' prior agreement in 1995. That process has provided opportunities for management, the unions and employees to work together to increase productivity, reduce costs and improve the quality of Asarco's products, as well as its working environment. Both David B. Woodbury, Asarco's vice president of human resources, and Terry Bonds, director of District 12 of the United Steelworkers of America and the unions' bargaining chairman, expressed optimism that the three-year agreement will provide increased stability and opportunity for improving the Company's operation. The employees covered by the agreement are represented by the United Steelworkers of America and its Local Unions 509, 886, 5613 and 6705; International Brotherhood of Electrical Workers The International Brotherhood of Electrical Workers (IBEW) is a labor union which represents workers in the electrical industry in the United States and Canada, particularly electricians, or Inside Wiremen, in the construction industry and linemen and other employees of public , Locals 518, 570, 583 and 602; the International Brotherhood of Teamsters Teamsters large, powerful union of U. S. truckers. [Am. Hist.: NCE, 2703] See : Labor , Local 73; and the International Union of Operating Engineers The International Union of Operating Engineers (IUOE) is a labor union within the AFL-CIO representing primarily construction workers who work as heavy equipment operators, mechanics, surveyors, and stationary engineers, who maintain heating and other systems in buildings and , Locals 428 and 518. ASARCO ASARCO American Smelting and Refining Company Incorporated is one of the world's leading integrated producers of copper as well as a producer of other metals, specialty chemicals and aggregates.
CONTACT: Donald Noyes, Corporate Communications
ASARCO Incorporated, 212-510-1813
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