[ferro-alloys.com]ArcelorMittal and the United Steelworkers union have reached a tentative agreement for a new four-year labor contract covering about 15,000 US employees, the USW said Friday.

The proposed agreement -- which replaces a previous three-year agreement that lapsed September 1 -- mirrors the industry standard on wages, lump-sum payments and pensions, and maintains or improves the union's existing health insurance benefits for active and retired steelworkers and their dependents, the USW said. Details of the agreement were not immediately available, though the union said it is in the process of preparing a detailed contract summary for members.

The agreement is still subject to a ratification vote by USW members. The USW is currently scheduling meetings with local unions to review the contract, it said.

If finalized, the labor agreement will allow the company and union to avoid a work stoppage. The USW in September approved a strike authorization against ArcelorMittal, allowing the union to call a strike against the steelmaker if necessary.

ArcelorMittal did not immediately return a request for comment.

The USW previously reached a tentative four-year labor agreement with US Steel in mid-October after its contract with the union also expired September 1. US Steel's union employees were mailed packets with a summary of the agreement and voting ballot on October 26.

(S&P Global Platts)

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