NLMK Pennsylvania, a company in the American division of NLMK Group, has agreed with United Steelworkers on a new four-year collective bargaining agreement for its employees.
The new contract entered into force on March 1, it includes higher wages and expanded opportunities health insurance - workers will be able to choose from two types of insurance with different costs and coverage of services. The parties also agreed on a new motivational plan - an increase in production will directly affect the growth of wages.
The signing of a new agreement ended the negotiation process and a strike at the NLMK Pennsylvania production site in Farrell. The company and the trade union will jointly organize the return of personnel to their workplaces within two weeks.
Information about NLMK Group
NLMK Group is a vertically integrated steel company, the largest in Russia and one of the most efficient steel producers in the world.
NLMK Group's metal products are used in various industries, from construction and mechanical engineering to power equipment and offshore wind turbines.
NLMK's production assets located in Russia, Europe and the USA. The company's steel production capacity exceeds 17 million tonnes per year.
NLMK demonstrates high cost competitiveness among global manufacturers, the company's profitability is one of the highest in the industry. The company has investment grade credit ratings from S&P, Moody's, Fitch and Expert RA.
NLMK's common shares, which have a free-float of 20.7%, are traded on the Moscow Stock Exchange (ticker “NLMK” ), global depository shares - on the London Stock Exchange (ticker "NLMK: LI"). The share capital of the Company is divided into 5,993,227,240 ordinary shares with a par value of 1 Russian ruble. More information about NLMK's share capital can be found here.
For more information about NLMK Group, visit the website.
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