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MARC RICH + CO. A.G. WELCOMES SETTLEMENT OF RAVENSWOOD ALUMINUM COMPANY LABOR DISPUTE

 MARC RICH + CO. A.G. WELCOMES SETTLEMENT OF RAVENSWOOD
 ALUMINUM COMPANY LABOR DISPUTE
 ZUG, Switzerland, June 15 /PRNewswire/ -- Marc Rich + Co. A.G. of Zug, Switzerland said today it is pleased that the employees of Ravenswood Aluminum Company of Ravenswood, Va. have voted overwhelmingly to ratify a new three-year contract between Ravenswood Aluminum Company and the United Steelworkers of America. Under the terms of the agreement, the United Steelworkers of America members will begin returning to work on or about June 29. Neither Marc Rich + Co. A.G. nor Marc Rich personally was a party to the negotiations nor the labor dispute. Marc Rich, however, unofficially did use his good offices to encourage the parties to the labor dispute to settle the matter on terms which were fair and equitable to both parties.
 Marc Rich expressed his personal pleasure that the dispute is now over and that R.A.C. commercial relations will now be stabilized for the benefit of the employees, management, customers and the Ravenswood community.
 A spokesman for Marc Rich + Co. A.G. said, "It is unfortunate that the dispute became so heated that the union resorted to highly distorted and false claims about Marc Rich personally and his relationship with R.A.C." The spokesman went on to say "neither Marc Rich nor Marc + Co. A.G. were part of the R.A.C. management nor were they shareholders." The spokesman concluded by saying "thankfully, the dispute is history and those, including Marc Rich, who helped the parties in a constructive way to reach a settlement, can now look forward to a bright future for R.A.C. and it employees."
 -0- 6/15/92
 /CONTACT: Herb Schmertz, president of the Schmertz Company, 212-819-3876, for the Marc Rich + Co./ CO: Marc Rich +Co. A.G.; Ravenswood Aluminum Company ST: Virginia IN: MNG SU:


TQ-LR -- NY063 -- 0255 06/15/92 14:48 EDT
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Publication:PR Newswire
Date:Jun 15, 1992
Words:316
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