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The United Steelworkers (USW) union has told its membership that inconclusive contract negotiations with integrated steelmaker US Steel may lead to an extension of the current contract past its expiration tonight as negotiations continue.
The union in a statement voiced frustration with what it called US Steel's "last, substandard offer" put forward last night. The contract expires on 1 September at 12:01am ET.
The USW has told its members that "we are miles apart and an extension is possible" and that union members should continue to report to work until their local president notifies them to do otherwise.
US Steel is offering 3pc annual pay raises for three years followed by a raise of 4pc, which is less than provided in a tentative agreement between the USW and steelmaker Cleveland-Cliffs, according to the union. In that agreement, Cliffs promised an 8pc raise followed by three years of 4pc raises.
US Steel chief executive David Burritt said in a statement to employees that the company's proposal "protects your ability to remain among the best paid in the industry," adding that "customers want the lowest cost and highest quality."
"Our proposal leverages our shared success over the past three years — a strong balance sheet, overfunded pension and other retirement benefit plans, and the opportunity to remain the best and most customer-focused company in the industry," Burritt said.
Under US Steel's proposal, the company would commit to spending $1bn at USW facilities.
The company plans to sell its USW-represented blast furnace steelmaking plant in Granite City, Illinois, to SunCoke by 2024. If the deal is realized, Suncoke would convert the mill to pig iron casting to supply the steelmaker's growing electric arc furnace (EAF) steelmaking operations in northeast Arkansas.
Prior investments in US Steel's Mon Valley, Pennsylvania, steelmaking plant were canceled years ago, with the resources pivoted to the construction of a new $3bn, 3mn short tons (st)/yr flat-rolled EAF mill in Arkansas, adjacent to US Steel's existing 3.3mn st/yr Big River Steel EAF mill.
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