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TimkenSteel, United Steelworkers Reach Tentative Agreement for New Four-Year Contract

 

CANTON, Ohio, Oct. 3, 2017 /PRNewswire/ -- TimkenSteel and the United Steelworkers (USW) Local 1123 have reached a tentative agreement for a new four-year contract and, in the coming week, will finalize documentation of a formal agreement for presentation and ratification by the represented workforce. The date of the vote will be set and announced by the union.

"We have reached an agreement that ensures our employees continue to earn some of the best wages in the region and in the steel industry nationally," said Bill Bryan, TimkenSteel's executive vice president of manufacturing & supply chain. "We're working together both to address the significant competitive pressures we face from global steel overcapacity and to keep our people working."

The tentative agreement provides increases to permanent base wages every year, competitive healthcare and retirement benefits for all members, and a continued focus on operating safety and employee wellbeing.

The USW Local 1123 represents approximately 1,650 employees at the company's facilities in Canton, Ohio.

Additional information can be found at www.timkensteel.com/agreement

About TimkenSteel Corporation

TimkenSteel (NYSE: TMST, timkensteel.com) creates tailored steel products and services for demanding applications, helping customers push the bounds of what's possible within their industries. The company reaches around the world in its customers' products and leads North America in large alloy steel bars (up to 16 inches in diameter) and seamless mechanical tubing made of its special bar quality (SBQ) steel, as well as supply chain and steel services. TimkenSteel operates warehouses and sales offices in five countries and has made all of its steel in America for 100 years. The company posted sales of $870 million in 2016. Follow us on Twitter @TimkenSteel and on Instagram.

View original content with multimedia:http://www.prnewswire.com/news-releases/timkensteel-united-steelworkers-reach-tentative-agreement-for-new-four-year-contract-300530229.html

SOURCE TimkenSteel

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