Oct. 31: ASARCO Agrees to Pay First Round of Copper Price Bonus Payments on November 6

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As you know, on October 7, the Supreme Court put the final nail in the coffin of ASARCO’s attempt to deny many years of Copper Price Bonus payments to individuals hired on or after July 1, 2011. Since that time, USW has demanded that ASARCO both pay what it owes and provide information to USW confirming that it has done so.

We are happy to report that today, the Company’s lawyers sent a letter to USW’s lawyers promising that ASARCO will make the first round of Copper Price Bonus payments on November 6, 2019. These payments will include all bonuses owed for the third quarter of 2011 through the first quarter of 2015. All current and former employees who are owed bonuses for those quarters should receive a payment on November 6. Current employees will receive their payments through direct deposit or by paper check, whichever method by which they are normally paid. Former employees will receive paper checks sent to their last known addresses. Any former employee who needs to update his or her address should contact their union immediately.

Interest on this initial round of payments will also be paid on November 6 by separate check to each eligible current and former employee. Interest will be calculated from March 3, 2016, the date of the Federal District Court’s original judgment enforcing the arbitrator’s decision, through the date of payment.

ASARCO also owes Copper Price Bonuses for the second and third quarters of 2015 and for the first two months (October and November) of the fourth quarter of 2015. The amounts owed for these quarters, and the individuals who are eligible for payments, have not yet been calculated. Under an agreement between USW and the Company, the parties are required to work in good faith to determine the amounts owed for the second, third, and fourth quarters of 2015. And interest must be paid on those bonuses as well.

ASARCO’s lawyers promised today to provide data requested by USW so we can ensure that the amounts owed for the second, third, and fourth quarters of 2015 are accurately calculated and paid promptly to all eligible individuals in a second round of payments. The Company’s lawyers promised to provide this data “as soon as possible,” and we intend to make sure that they do.

USW’s international staff, lawyers, and local union officers – and those of other ASARCO-unit unions – will work with all of you to respond to concerns and questions about your own bonuses owed and payments for the same.

For all these payments, you should be aware that ASARCO is required to withhold income taxes at the higher “lump sum” rate. Please remember, however, that this is not the final tax rate to be determined when you file your annual income tax return next year. Contact your personal tax advisor if you have any questions.

Your solidarity, commitment, and willingness to fight has made this day possible!