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GENEVA STEEL ANNOUNCES TERMS OF ITS TENTATIVE AGREEMENT WITH THE USWA

 VINEYARD, Utah, Aug. 31 /PRNewswire/ -- As an update to a press release issued earlier today, Geneva Steel (NYSE-PSE: GNV) announced the general terms of its tentative agreement with the United Steelworkers of America. The company announced earlier today that an agreement had been reached. The current contract expires at midnight tonight.
 With the exception of certain economic terms, the new contract will essentially extend the terms of the current contract. The term of the contract will be 18 months, with an immediate across-the-board wage increase of $.25 per hour and an additional $.15 per hour increase on the anniversary date of the contract. The parties also agreed to implement the company's proposed performance dividend plan, which rewards employees for increased productivity. Compensation under the plan for attaining an annual production rate of 1.5 million tons will be guaranteed, thus assuring employees a $.33 per hour payment in addition to the across-the-board increases. Additional compensation under the plan will be based upon increased plant-wide production levels.
 The union leadership is conducting informational meetings today with its membership and anticipates holding a ratification vote on Wednesday, Sept. 1.
 Geneva Steel is the only integrated steel mill operating west of the Mississippi River. The company manufactures hot-rolled steel sheet, plate, and pipe for sale primarily in the western and central United States.
 -0- 8/31/93
 /CONTACT: Dennis L. Wanlass of Geneva Steel Corporation, 801-227-9302/
 (GNV)


CO: Geneva Steel Corporation ST: Utah IN: MNG SU: CON

CK-OS -- NY049 -- 7602 08/31/93 15:27 EDT
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Publication:PR Newswire
Date:Aug 31, 1993
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