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Buffeted by competition and falling steel prices, ArcelorMittal (MT) has told the USW union that...

  • Sunday, July 22, 2012, 5:09 AM ET
    Buffeted by competition and falling steel prices, ArcelorMittal (MT) has told the USW union that it wants to slash wages by 36% and scrap retiree health care for employees hired after Sept. 1, the day after an existing labor contract expires, the WSJ reports. U.S. Steel (X) is also in a tricky situation as healthcare and pension costs rise. (See also AK Steel)
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This news story has 3 comments:

  •  
    The time is coming for more and more businesses to follow this trend. I don't see any way around it if businesses want to continue. The unions can fight it, but it will be very simple for MT to just shut down the factories that aren't profitable. Then what will the mighty unions do?
    22 Jul 2012, 08:41 AM Reply Like
  •  
    Get their POTUS candidate into power to give them favorable terms when SHTF (Exhibit A: The bankruptcy of GM and the subsequent treatment of the UAW vs bondholders)
    22 Jul 2012, 11:09 AM Reply Like
  •  
    I don't get "retiree healthcare" from my company. Why do steel union workers and goverment workers think they're entitled to it?
    24 Jul 2012, 06:49 PM Reply Like
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