MT ArcelorMittal

By Patrick Thomas 

The United Steelworkers union and ArcelorMittal SA reached a tentative deal on a new labor contract covering about 15,000 workers after several months of negotiations.

The four-year agreement for workers includes wage increases between 3% and 4% each year and a $4,000 ratification bonus. The deal with ArcelorMittal, the world's largest steelmaker, comes less than a month after the union reached a similar agreement with workers from U.S. Steel Corp.

"The proposed four-year agreement mirrors the industry standard on wages, lump-sum payments and pensions and maintains or improves our existing health-insurance benefits for active and retired Steelworkers and their dependents," the steelworkers union said in prepared remarks.

With a tentative deal in place, union members will now review the proposal and vote on it.

Last week ArcelorMittal issued a statement outlining its latest proposal to the union, which included no changes to profit-sharing, no health-care premiums for active employees and no premium increases for retirees.

Write to Patrick Thomas at patrick.thomas@wsj.com

(END) Dow Jones Newswires

November 02, 2018 17:47 ET (21:47 GMT)

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