Steelworkers Ratify Contract with Dana Holding Corporation (NYSE: DAN)

Mar 29, 2011, 16:12 ET from United Steelworkers (USW)

GARY, Ind., March 29, 2011 /PRNewswire/ -- The United Steelworkers (USW) announced that in a vote yesterday, some 1,500 represented employees ratified a new contract with Dana Holding Corporation.  

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"This contract retains the strong language protecting our work from leaving our USW and United Auto Workers (UAW) represented facilities," said Jim Robinson, Chairman of the USW's Negotiating Committee and Director of USW District 7. "We also made significant progress in equalizing the wage rates across our facilities and greatly reduced the wage disparity in second wage tiers."  

The USW and UAW began joint negotiations in Detroit in late January for 21 facilities and nearly 4,000 employees.  A tentative agreement was reached a few weeks ago and explanation meetings concluded Saturday.  The USW contract covers workers in Crossville, Tenn., Ft. Wayne, Ind., Fredericktown, Ohio, Glasgow, Ky., Henderson, Ky., Humboldt, Tenn., and Marion, Ind.

"We came into these negotiations with some basic goals," said Robinson. "In addition to the wage accomplishment, we were focused on maintaining the current healthcare plan design and lowering employee premiums for healthcare.  This agreement achieves both of those healthcare goals.

"Our last goal was to negotiate a profit sharing plan that would reward our members for the sacrifices they made to allow the company to emerge from bankruptcy in January 2008 and allow them to share in the continued resurgence in the domestic Automobile and Commercial Vehicle industry.  This agreement provides such a plan and any payouts will be based upon U.S. operating income."

Other improvements in the agreement include additional contributions to the Steelworkers Pension Trust, additional holidays and company contributions to a sub-account within the 401(K) plan that the USW negotiated to provide funds to allow employees to pay for healthcare when they retire.        

The USW represents 850,000 workers in the U.S. and Canada employed in the industries of metals, rubber, chemicals, paper, oil refining and the service sector. For more information: www.usw.org/.

Contact:  Jim Robinson (219) 886-2596

SOURCE United Steelworkers (USW)



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