Union workers to get share of steel profits

Union workers to getshare of steel profits
PITTSBURGH -- Union workers for U.S. Steel Corp. will receive a share of the steel giant's profits for the first time in more than five years, the company said. New terms for profit sharing were part of a labor agreement ratified in May 2003 that cleared the way for U.S. Steel's acquisition of National Steel.
The plan pays workers 7.5 percent of all profits between $10 and $50 per ton and 10 percent of all profits of more than $50 per ton, according to the contract. Profits include foreign operations and are based on tonnage shipped. Members of the United Steelworkers of America will receive a check averaging $280, a share of first-quarter profits reported by U.S. Steel on April 27, the Pittsburgh Post-Gazette reported.
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