U.S. Steel employees are all set to receive a record amount in profit-sharing as the company registered a strong second-quarter performance.
According to the company’s contract with the United Steelworkers union, steelworkers will receive $30.72 per qualifying hour in profit-sharing bonuses. For the three-month period ended June 30, this will translate to bonus checks exceeding $14,000, U.S. Steel Media Relations Manager Amanda Malkowski said, according to the NWI Times. 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….