AK Steel unit ratifies new labor agreement

Steel producer AK Steel Holding Corp. said Monday union members have ratified a new labor agreement with its subsidiary AK Tube LLC.
The agreement brokered with United Steelworkers of America Local 1915 will replace a contract scheduled to expire on Jan. 25. The contract covers about 100 hourly production and maintenance employees at its Walbridge, Ohio, facility.
Among the terms of the new agreement, include: a freeze on wage increases for the first year of the contract, significant work force flexibility and health care cost-sharing provisions.
Wage increases have been included for the second and third years of the contract, according to AK Steel.
"This agreement addresses costs and other concerns that our company faces in today's challenging market conditions," said James Wainscott, president and chief executive of AK Steel, in a statement.
AK Steel shares fell 76 cents, or 6.8 percent, to $10.33 in afternoon trading.