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Timken, union reach new labor agreement

February 08, 2012 - 23:29 GMT Location: Chicago

KEYWORDS: Timken , United Steelworkers , Sal Miraglia , Joe Hoagland , new contract proposal , Faircrest Steel plant , ladle refiner , bloom caster

Timken Co. has reached a new tentative labor agreement with the United Steelworkers union to replace the existing deal, which expires in September 2013.

A preliminary agreement had been reached in December, but union members rejected the proposal in a vote last month, which Timken said put at risk a $225-million investment in its Faircrest Steel Plant in Canton, Ohio.

After receiving feedback about why the proposed contract was rejected, the union went back to the carbon and alloy steel bar and tubing producer with a list of proposals Jan. 27. Timken rejected two of...

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

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