Saturday, May 29, 2010

Alcoa (NYSE:AA), United Steelworkers Union Contract Talks Continue

Alcoa (NYSE:AA) and the United Steelworkers Union are hoping to hammer out an agreement by the end of Memorial Day weekend, and have a contract in place starting Tuesday. Their currenct contract ends on Monday.

According to Alcoa, the major issues being discussed are health care, compensation and more flexibility in the workplace.

The healthcare discussions may be the most intense and difficult to navigate, as the proposed changes would make it more expensive for workers, who now pay only $87 a month.

Concerning the compensation package, Alcoa asked for changes for new employees in relationship to retiree medical benefits. Wages for new employees would remain the same.

Close to 5,400 employees in the U.S. are covered by the contract.

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