PITTSBURGH Steelworkers approve contract with Wheeling-Pitt for 5 years

PITTSBURGH (AP) -- Steelworkers overwhelmingly approved a five-year contract with Wheeling-Pittsburgh Steel Corp. that should allow the company to restructure and emerge from bankruptcy after almost three years.
United Steelworkers of America officials said Wednesday that members voted 1,875-545 to ratify the deal, which is critical to the company's plan to emerge from bankruptcy by Aug. 15 and claim a $250 million federally guaranteed loan from the Royal Bank of Canada.
Wheeling-Pitt, which filed for bankruptcy in November 2000, employs approximately 3,800 people in West Virginia, Ohio and Pennsylvania.
Union officials touted the agreement as one that could protect steel workers' jobs in years to come by reducing the size of management, protecting pension benefits and modernizing plants.
The agreement calls for keeping wages at reduced levels until the end of May 2004, when raises will be instituted, union officials said. The deal also includes buyout offers for 650 employees so that the company can reduce its work force.
David McCall, the union's chief negotiator with Wheeling-Pitt, said all the buyouts will likely be accepted and management positions will be reduced by about 250.