NLMK Pennsylvania signs new labor contract with workers
NLMK Pennsylvania, NLMK Group US Division Company, and The United Steelworkers have agreed to a new four-year contract for theyr employees.
The new contract came into force on March 1st 2021. It contains wage increases and expanded health insurance options. Employees will be able to choose from two types of insurance plans with different costs and coverage. The parties have also agreed on a new incentive plan: increase in production will have a direct impact on wage growth.
The new deal marks the end of the negotiations and the strike at the NLMK Pennsylvania plant in Farrell. The Company and the Union are working together on bringing the employees back to work over the next two weeks.
About NLMK Group
NLMK Group is the largest steelmaker in Russia and one of the most efficient in the world.
NLMK Group’s steel products are used in various industries, from construction and machine building to the manufacturing of power-generation equipment and offshore wind turbines.
NLMK operates production facilities in Russia, Europe and the United States. The Company’s steel production capacity exceeds 17 million tonnes per year.
NLMK has a highly competitive competitive cash cost among global manufacturers and one of the highest profitability levels in the industry. In 12M 2019, the Company generated $10.6 bn in revenue and $2.6 bn in EBITDA. Net debt/EBITDA stood at 0.7х. The Company has investment grade credit ratings from S&P, Moody’s, Fitch, and RAEX (Expert RA).
NLMK’s ordinary shares with a 20.7% free-float are traded on the Moscow Stock Exchange (ticker "NLMK") and its global depositary shares are traded on the London Stock Exchange (ticker "NLMK:LI"). The share capital of the Company is divided into 5,993,227,240 shares with a par value of RUB1. For more details on NLMK shareholder capital, please follow the link.
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