U.S. Steel employees will receive a record second-quarter amount in profit-sharing as the company reported a strong performance for the period.
According to the company’s contract with the United Steelworkers union, steelworkers will receive $30.72 per qualifying hour in profit-sharing bonuses. That translates to bonus checks exceeding $14,000 for the three-month period ended June 30, U.S. Steel spokesperson Amanda Malkowski said, according to The Times of Northwest Indiana.
Bonuses are the “second-highest of all time after the third quarter of last year,” she noted.
The union had negotiated profit-sharing back in 1986, with the idea being that workers would forgo wage raises when the company was in trouble, but share in the benefits when the firm raked in profits….