U.S. Steel, Union Make a Deal

http://online.wsj.com/article/SB10000872396390444752504578024872918642036.html

The United Steelworkers union said Friday that its members had ratified a new three-year labor contract with U.S. Steel Corp. [X -1.24%] that includes a 4.5% wage hike over three years and bonuses, but also no-strike provisions and increased contributions by retirees toward their health-care plans
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The new deal, negotiated over the summer amid difficult economic conditions and concluded shortly before the old agreement expired on Sept. 1, covers some 16,000 workers at plants and facilities across the U.S. Members were polled by mail and ratified the new deal by a margin of four to one, the union said.

Under the pact, wages will be increased 2% the first year, effective Sept. 1, 2013, followed by a 2.5% hike effective Jan. 1, 2015. Employees will also receive lump sum payments of $2,000 on Oct. 15, 2012, and $500 on April 1, 2014.