Dear Represented Employees,
On August 30, we submitted an updated proposal to the USW that we believe is responsive to the USW’s requests and achieves our common goals. I’d like to highlight a few of the key points behind our proposal, and you can find more details by clicking here. As always, we continue to encourage you to reach out to your USW representative with any questions or comments on the proposal. We respect their role in the process.
Our steelworkers are essential contributors to the success of our business, and over the last several years, your hard work and dedication allowed us to serve our customers through the lows of the pandemic and highs of the recovery. The current 2018 agreement supported our employees and their efforts through attractive benefit programs (like active health care with no premiums), inflation recognition protection (providing increased cost-of-living relief) and uncapped profit sharing (resulting in record quarterly payments for the past 6 quarters.
We are pleased that we were able to reward you as the company performed, paying approx. $65,000 in profit sharing over the last 18 months – you earned it!
We now have the opportunity to reach an agreement on a new contract that maintains alignment of our short- and long-term goals and protects your ability to remain among the best paid in the industry. Our proposal leverages our shared success over the past 3-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. The reality is that customers want the lowest cost and highest quality; they have to believe we’re a better value than our competition. It is not just about being better than one competitor, it’s about being the best among even the toughest competition.
What that means for the next contract is that we will protect the provisions that our employees view as key to their security – inflation recognition adjustment, active health insurance coverage with no premiums, and a well-funded pension plan. All of these benefits are worth the cost to the company because we want to support our employees’ futures. It also means that we must be prudent in our future investments and spending – especially now with this uncertain economy and current global conflicts.
We also know the best employees want the best pay. Our revised proposal is responsive to the USW’s request for higher wages in a number of ways:
1. A $7,000 employee appreciation and signing bonus is money in your pocket now – allowing you to choose the best way to support yourself and your family in the immediate term. As the saying goes – cash is king.
2. An increase in the proposed year over year wage increases – 3% each year for the first 3 years and 4% in the final year of the agreement – ensuring consistent wage increases.
3. Uncapped profit sharing – providing for maximum upside potential for our employees so that when we do well, you do well.
Our proposal is a responsible approach to make our recent successes sustainable into the future.
We appreciate your dedication to U. S. Steel and the hard work you’ve put in for our customers. That’s why we’re working so hard to reach an agreement that is truly Best for All®.
-Dave Burritt, U. S. Steel President and CEO
Click here to view a video message from Dave.
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