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For Immediate Release WEIRTON, W.VA. – A tentative labor agreement has been reached among the Independent Steelworkers Union (ISU), the Independent Guard Union (IGU) and Weirton Steel Corp., the parties announced today. In December, the company reopened the agreements with the unions to discuss methods that will help the steelmaker more effectively compete in an increasingly competitive industry. Details of the tentative accord are being explained to the union members in a series of special in-plant meetings, as well as special union informational meetings scheduled next week. The ISU and the IGU are now in the process of conducting a ratification vote by their union memberships. "This has been an extremely difficult negotiation because our union and the company are being driven by contract negotiations and a quick evolving domestic steel industry. But our union negotiating team believes we have fashioned a new agreement that will position the company to become more efficient and competitive and, at the same time, protect our steelworkers' jobs as well as pensions and benefits," Mark Glyptis, president of the ISU, announced. Weirton Steel President and Chief Executive Officer John Walker said if the unions ratify the tentative agreement, management personnel also will be affected. "It's technically correct to say we're seeking sacrifices from all employees. However, I believe a more accurate term would be 'contributions.' Our employees have an opportunity to contribute to the longevity of their company. It's an investment in their future," Walker said. "Weirton Steel, in conjunction with the ISU and the IGU, have developed a strategy that will provide immediate and significant improvements to Weirton Steel's financial performance. Given the climate in today's steel industry, it's imperative we secure these improvements. I commend the unions for their cooperative spirit and dedication in increasing our chances for long-term survival." Walker and Glyptis, in addition to Joe Balzano, president of the IGU, explained that Weirton Steel and its work force, unlike most mills, are proactive in confronting various issues – consolidation among steel producers, steel imports, a weakened economy and sharply rising pension and health care costs. They said successfully addressing these matters greatly enhances the company's future. Weirton Steel is the seventh
largest domestic integrated steel producer.
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