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LTV. CORP.



Published: Tue, July 10, 2001 @ 12:00 a.m.



LTV. CORP.

Labor deal

Highlights of a proposed labor deal between LTV and United Steelworkers of America:

Term: Aug. 1, 2001 to Feb. 1, 2006.

Retirees: Funds from a previously negotiated trust fund will be used to pay health and life insurance benefits for retirees, with the funds repaid when the company is profitable.

Pay: A 50-cents-an-hour raise scheduled for Aug. 1 will be delayed until Jan. 1, 2003, and a $1-an-hour raise scheduled for Feb. 1, 2003, will be delayed until Jan. 1, 2004. A new 50-cents-an-hour increase is effective Jan. 1, 2005.

Profit sharing: A new plan calls for employees to receive 20 percent of pre-tax profits.

Jobs: Reduction of the equivalent of 1,300 full-time employees over the life of the contract. For every percentage reduction in union workers, there must be a greater reduction in nonunion workers and a 20 percent decrease in hours worked by contractors or consultants in nonbargaining unit work.

Health insurance: Restructure plan by using an HMO to reduce costs without reducing benefits.

Governance: Union veto power on any investment outside the steel industry for eight years. Union receives two seats on the board of directors. All board committees must have at least one union-designated member.

Ownership: Once the company exits bankruptcy court, 20 percent of the company's common stock must be placed in an employee stock ownership plan.

Cleveland West: The mill, which was scheduled to be shut down, must be placed on "hot idle" until Oct. 31 so it can be restarted. The company must cooperate with the union to develop a plan to continue operations by Oct. 15.

Source: United Steelworkers of America




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