STOCK LISTING Of local interest

Hynes' president wants the company to have a financially healthy future.
By DON SHILLING
VINDICATOR BUSINESS EDITOR
AUSTINTOWN -- The strike at Hynes Industries comes down to whether a profitable company should seek concessions from its workers.
Strikers said Monday that the steel processor earned a record $8 million in 2004 and appeared to post another healthy profit last year, so no givebacks are needed.
"They are making money hands over fist," said Clarence McDowell, vice president of United Steelworkers of America Local 2377. "Why do they need to take our rights away and our benefits away?"
Others on the picket line said they would agree to concessions if the company were in financial trouble. Workers receive information on the company's finances because of its profit-sharing plan.
Hynes is looking toward the future, said Bill Bresnahan, company president.
"Granted we've had a couple good years lately, but our goal is to take the view that we want to be here for the long haul," he said.
Other metal processors in the area have had good businesses for years but were forced to close because of financial hardships, he said.
Contract has expired
About 100 union workers went on strike Monday morning at the company's main plant on Oakwood Avenue and a smaller plant on Industrial Road in Youngstown. Workers voted 80-15 to strike Sunday after working under an expired contract since Nov. 1. No talks are set, but Bresnahan said company officials are willing to meet with the union.
McDowell said union officials were told that "nothing is going to change." Union workers could hear the company's presses running Monday, and they expected Hynes to ship product out at some point.
Bresnahan said company officials are continuing limited production with nonunion staff because customers rely on Hynes for just-in-time delivery.
The strike will end at some point, and the company has to keep customers satisfied or workers won't have a job to return to, he said.
In a press release, Hynes said its average hourly wage is $15.36. Hynes is offering a four-year contract with no raises the first year, followed by annual hourly raises of 40 cents, 30 cents and 40 cents.
Health-care cost increases
McDowell said the proposed raises would be eaten up by increases in health-care costs. Workers don't pay toward the premiums for medical, dental, prescription and vision coverage.
Hynes wants workers to accept a new plan that would pay 80 percent of medical expenses, instead of 90 percent, have more out-of-pocket expenses and include sharing in premiums. By the end of the contract, the workers' share of monthly premiums would rise to $50 single coverage, $75 for coverage of two dependents and $90 for more dependents.
McDowell said the company's proposal would use money from the profit-sharing plan to pay for pensions and also create a second-tier benefit package for new hires, including higher expenses for health care and the elimination of defined benefit pensions.
Workers now receive a pension, 401(k) plan with a company match and a profit-sharing plan that receives 12 percent of pre-tax profits. Hynes said new hires would receive an enhanced version of the 401(k) plan instead of the pension.
McDowell said workers also are against proposals that would allow company officials to disregard seniority when assigning jobs and eliminate grievance procedures. Hynes said it is seeking to make "minor changes" in the way work is assigned.
shilling@vindy.com