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Weirton Steel accord.

Weirton Steel accord

Weirton Steel Co., the Nation's largest employee-controlled steel producer, and the Independent Steelworkers Union restored the 14.1-percent wage cut the 6,800 employees accepted in 1983 to help finance the purchase of the company from National Steel Corp. In addition to the $2.09 total hourly wage boost, which included a 35-cent "new money" increase in the final year, the new 4-year contract also partly restored cuts in paid holidays and vacations accepted in 1983.

Under the 5-year agreement that expired in September, employees had received profit-sharing payments to help compensate for their wage and benefit concessions. The average profit-sharing distribution was $9,100 in 1988. The profit-sharing formula was continued in the 1989 contract, but was modified in January 1989 to cut the workers' share of net corporate income to 35 percent (from 50 percent) to help finance capital improvements.

Other contract terms included a new plan intended to increase employees' productivity by assisting them in gaining new skills; and improvements in health insurance benefits, including major medical coverage.
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Title Annotation:Developments in industrial relations; Independent Steelworkers Union contract
Author:Cimini, Michael H.
Publication:Monthly Labor Review
Article Type:column
Date:Feb 1, 1990
Previous Article:A&P settlements.
Next Article:Timken, Steelworkers settle.

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