AP via Yahoo! News
Steel producer AK Steel Holding Corp. wants an agreement with its locked-out union as soon as possible, but the union has been unrealistic, the company’s chief executive told shareholders Friday.
“Middletown cannot be an island. Middletown Works is out of step and the AEIF (Armco Employees Independent Federation) is out of touch with reality,” Wainscott said in remarks released by the company.
AK Steel says that it must have what it calls “new era” labor agreements to make its labor costs competitive.
“That means we need fewer employees, fewer job classes, defined contribution pensions and active and retiree health care cost sharing,” Wainscott said. “If we have any hope of improving our competitiveness and sustaining profitability, we must have these things.”
He said the company has negotiated such agreements at other plants[…]
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