Alcoa (NYSE: AA) and the United Steelworkers (USW) have reached a tentative agreement on a new 4-year labor contract covering 5,400 workers at 10 manufacturing locations in the United States.
The new agreement, subject to ratification by USW members, addresses key issues identified in the negotiations which began on May 17.
“We are pleased to have a tentative agreement that is both fair to employees and addresses our cost concerns,” said Mick Wallis, president of Alcoa North American Rolled Products and chair of the Company’s Employee Relations Council. “We have spent the last two weeks working through some tough issues, and feel that this tentative agreement creates a future for good paying jobs at these plants. We hope for a successful outcome after the local unions have had the opportunity to talk to employees.”
The previous contract expired at 11:59 p.m. Central Time on May 31. Local unions at all 10 plants are expected to complete their ratification votes shortly after they share details of the agreement with their local membership.