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Alcoa and USW Reach Tentative Labor Agreement ST. LOUIS--(BUSINESS WIRE)--June 1, 2006--Alcoa (NYSE:AA) and the United Steelworkers (USW) have reached a tentative agreement on a new 4-year labor contract covering approximately 9,000 Alcoans at the company's 15 master agreement locations.
The new agreement, to be ratified by USW members, addresses key issues identified by both sides during negotiations which began on May 18th. The agreement creates a framework that:
-- Improves the competitiveness of the locations within the master agreement;
-- Preserves the standard of living for employees through a competitive wage and benefits package;
-- Includes a new health care plan designed to be more competitive in today's market;
-- Continues to provide health care coverage for retirees but limits the company's long-term liability;
-- Creates a new performance pay program that provides significant rewards for improvements that impact financial measures;
-- Includes programs like skills assessment and worker training to help create a new work environment; and
-- Creates mechanisms for joint labor/company initiatives to address public policy issues.
Local unions at all 15 plants are expected to complete their ratification votes shortly after they share details of the agreement with their local membership.
Alcoa is the world's leading producer and manager of primary aluminum, fabricated aluminum and alumina facilities, and is active in all major aspects of the industry. Alcoa serves the aerospace, automotive, packaging, building and construction, commercial transportation and industrial markets, bringing design, engineering, production and other capabilities of Alcoa's businesses to customers. In addition to aluminum products and components, Alcoa also markets consumer brands including Reynolds Wrap(R) foils and plastic wraps, Alcoa(R) wheels, and Baco(R) household wraps. Among its other businesses are closures, fastening systems, precision castings, and electrical distribution systems for cars and trucks. The company has 129,000 employees in 43 countries and has been named one of the top most sustainable corporations in the world at the World Economic Forum in Davos, Switzerland. More information can be found at www.alcoa.com