Caterpillar (CAT -1.7%) and the United Steelworkers Union have suspended contract negotiations...

|About: Caterpillar Inc. (CAT)|By:, SA News Editor

Caterpillar (CAT -1.7%) and the United Steelworkers Union have suspended contract negotiations for mining machinery workers in Milwaukee after talks broke down earlier this week. The union rejected a proposed contract that would have frozen hourly wages for six years, installed a lower wage scale for new hires, altered pension benefits and allowed the company to disregard workers' seniority when selecting employees for short-term layoffs. Workers say they will continue to report and presently have no plans to stage a walkout.