Seeking Alpha

Relief for U.S. Steel as workers at Canadian plant OK new deal

  • Workers at a U.S. Steel (X) facility in Canada have surprisingly voted in favor of a new five-year contract, ending a five-month lockout.
  • The approval at the company's Lake Erie plant in Nanticoke came despite local union leaders not endorsing the deal and just prior to Mario Longhit this week taking over from John Surma as CEO of U.S. Steel.
  • The lockout has hit the company's earnings and the supply of steel, which has led to a rise in prices. (Previous)
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