|By PR Newswire||
|December 6, 2012 08:37 PM EST||
YORKVILLE, Ohio, Dec. 6, 2012 /PRNewswire/ -- Esmark Inc. and its wholly owned steel services subsidiary, Esmark Steel Group, today announced that members of the United Steelworkers of America (USW) Local 1223 have overwhelmingly accepted and ratified a new four-year collective bargaining agreement with Esmark's newly acquired Ohio Cold Rolling Company.
According to the voting results, 81 percent of eligible union members voted to accept and ratify the labor agreement.
James P. Bouchard, Chairman and Chief Executive Officer of Esmark Inc., applauded the ratification vote and said, "We're very pleased that after months of negotiations the union members found the contract offer to provide for a strong wage, benefits and profit sharing package. We thank them for their patience during the negotiation process, and also extend our thanks to USW District 1 Director Dave McCall and Local 1223 President Jerry Conners for their continued support and collaboration."
Esmark Steel Group Chief Executive Officer Tom Modrowski said some of the key economic provisions of the four-year collective bargaining agreement include wage increases over the term of the four-year agreement, comprehensive healthcare for workers and their families, financial contributions to the Steelworker Pension Fund, and participation in a Voluntary Employee Beneficiary Association (VEBA) Trust providing healthcare benefits for retired union workers.
About Esmark Inc. and Esmark Steel Group
Esmark Inc. is a diversified, privately-held family company with a portfolio of industrial companies with strong roots in the steel industry. Over the years, Esmark has diversified its interests and operations into a number of businesses engaged in the industrial and commodity sectors. Esmark (a former publicly traded company on NASDAQ: ESMK) has focused on several key industries including steel services, oil and gas exploration, aviation, real estate, business services, technology and sports management. Esmark Steel Group, a wholly owned subsidiary of Esmark, Inc., is one of the nation's largest value-added processors and distributors of flat-rolled steel products, SBQ bar products and tin plate products, and provides just-in-time logistics and transportation services to a wide range of customers and industries across the country. For more information visit www.esmark.com.
Media Contact: Bill Keegan, Director of Communications, Esmark Steel Group, 312.927.8424, [email protected].
SOURCE Esmark Inc.
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