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IAM Members Overwhelmingly Ratify New-Era Labor Accord For AK Steel's Middl
Wednesday, March 14, 2007 4:51:06 PM - Monroe Ohio
 
Company's Largest Union Approves Progressive Agreement

    MIDDLETOWN, Ohio, March 14 /PRNewswire-FirstCall/ -- AK Steel (NYSE:
AKS) said that members of the International Association of Machinists and
Aerospace Workers (IAM), Local Lodge 1943, have ratified a 54-month,
new-era labor agreement covering about 1,700 hourly production and
maintenance employees at the company's Middletown (OH) Works. AK Steel said
IAM officials informed the company today that the new contract had passed
by an overwhelming 85% favorable vote, 1,275 to 226. The new agreement
takes effect March 15, 2007 and runs through September 15, 2011.
    The new agreement replaces the last of AK Steel's labor contracts that
originated prior to the steel industry's massive restructuring and wave of
progressive new labor contracts of the last several years. The ratification
today marks the 11th new-era labor contract reached between AK Steel and
the three international unions which represent the company's hourly
workforce.
    "We are pleased that we have reached an equitable agreement which will
return IAM members to work with a contract that significantly improves
Middletown Works' competitiveness," said James L. Wainscott, chairman,
president and CEO of AK Steel. "The labor dispute in Middletown is over,
and we look forward to the quick return of IAM members."
    AK Steel said the return-to-work agreement would be implemented
immediately and that all eligible returning IAM members would be scheduled
to work within 90 days or less.
    The new Middletown Works contract includes, among numerous other
provisions:
     - A lock and freeze of the traditional defined-benefit pension plan,
       replaced by a $1.50 per-hour company contribution to the IAM's multi-
       employer pension plan, increasing to a $1.80 per-hour contribution over
       36 months
     - Reduction from 1,000 job classes to 7
     - Complete workforce restructuring
     - Elimination of minimum base workforce guarantee
     - Active employee, and future retiree, health care cost-sharing
     - Competitive wage increases
    AK Steel produces flat-rolled carbon, stainless and electrical steel
products, as well as carbon and stainless tubular steel products, for
automotive, appliance, construction and manufacturing markets.


SOURCE AK Steel
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