ArcelorMittal Bargaining Update #27: Highlights of the Tentative Agreement

 

Tentative Agreement Highlights

When bargaining started, our goal was to negotiate a fair contract with ArcelorMittal that made our jobs, earnings and retirements more secure during a period of time when the industry was being devastated with illegal and unfair trade. The proposed agreement accomplishes our goals and represents a progressive step forward for ArcelorMittal Steelworkers and retirees and our union as a whole.

While we complete work on a more comprehensive summary and prepare for the ratification process, here are some of the highlights of the tentative agreement:

•                A three year agreement retroactive to Sept. 1, 2015

•                A $2.5 billion capital expenditure program

•                Combined all the PIBs (Program of Insurance Benefits) into one with no premiums

•                Added Vision Coverage for all retirees at no additional cost

•                90/10 heath care plan for active and retired members

•                Improved coverage for Legacy Retirees in the VEBA

•                Converted the fixed contribution into the VEBA to a variable contribution of 5% of EBIT paid quarterly

•                Improved the Inland DB pension with a 10 year certain (was a 5 year certain) and increased the multiplier to $105 for future years of service, both retroactive to January 1, 2016

•                Increased SPT pension contribution by $0.05 per hour per year (total of $0.15), retro to 09/01/15

•                Introduced a Hot Rolled Bonus program that pays quarterly when hot roll prices go above $600 per ton

•                Established a parental leave provision under FMLA

•                Established an experimental child care reimbursement program

•                Improved hiring preference for relatives of USW employees

•                Pre-Medicare retiree monthly contributions increase from $70 to $100

•                Medicare eligible retiree monthly contributions increase from $35 to $50

As this process continues, please stay in touch with your local union if you have questions or concerns and keep an eye out for future updates. Click here to download a PDF of this update.

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