Dear Represented Employees,
U. S. Steel is pleased to share the proposal we presented to the USW on July 26 for the next CBA. If you have questions about any of our proposals or descriptions, you should direct them to the USW since they are your bargaining representative, and we respect their role in this process.
As you experienced this year, when we do well, you do well. Our bargaining proposals are consistent with this idea.
We appreciate you and respect the work you do every day for our customers, especially through the challenges related to the COVID-19 pandemic. Your dedication resulted in record performance as well as record profit sharing, which was significantly higher than our main integrated competitor.
I remain extremely bullish on U. S. Steel’s future, especially following President Biden’s comments declaring July inflation free. We know there has been speculation of a recession. We have also seen declining steel prices, while production costs have remained high. We look to the federal government’s guidance regarding inflation and other economic factors, and we are confident that our strong healthy financial position and record cash and liquidity position the company to succeed in the event of an economic or industry downturn.
That is why we want to continue this spirit of when we do well, you do well. We’re offering $7,000 per person in bonus payments, payable shortly following ratification. Unlike our main integrated competitor, we currently offer you a fully funded pension plan and an uncapped profit-sharing program. Our proposal also continues to offer extremely competitive healthcare and benefits programs. We want to ensure that you remain among the best paid because you have earned it.
As our customers and government are demanding more from us in terms of sustainable steel solutions, we’re ready to answer the call, and we are so grateful to have you leading the way.
With the bargaining process underway, we look forward to continued respectful and fruitful dialogue with the USW to reach an agreement that is truly Best for All®.
Thank you for making us an industry leader in maintaining a safe work environment and for doing all you can to meet and exceed customer needs. Together, our future is bright.
-Dave Burritt, U. S. Steel President and CEO
Click here to view a video message from Dave.
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