U.S. Steel reaches agreement with union covering 11,000 employees, stock rises toward 2-month high

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Shares of United States Steel Corp. X, +2.45% rallied 4.5% toward a two-month high in afternoon trading Tuesday, after the steel maker said it reached a tentative agreement with United Steelworkers (USW) labor union on a new four-year contract. The company said the contract covers 11,000 employees represented by the USW at its U.S. flat-rolled and iron ore facilities, and the applicable tubular operations. The agreement remains subject to ratification. “Strong base wage increases and benefit enhancements to support our employees’ wellbeing are key parts of this tentative agreement because we know their hard work is essential to delivering sustainable steel solutions for people and planet and enhancing our customer satisfaction,” said U.S. Steel Chief Executive David Burritt. The stock has lost 6.3% over the past three months, while the Dow Jones Industrial Average DJIA, +0.54% has tacked on 1.6%.

This article was originally published by Marketwatch.com. Read the original article here.

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