Unionized workers at aluminum producer Alcoa have voted in favor of a new five-year labor agreement that covers some 6,000 workers at 11 U.S. locations, the United Steelworkers union said on Friday.
The two sides had reached a tentative agreement last month, hours before the previous contract was due to expire, after deadlocking on issues such as wages and healthcare premium increase, Reuters reported.
The new contract includes a ratification bonus of $1,000 and general wage increases averaging $3.22 per hour, a 14.2 percent increase on the previous contract, the Steelworkers said in a statement. The new contract will run through May 2019.
The aluminum cash price closed up Friday, June 6 at $1,828 per metric ton, halting two days of weakening prices on the LME with a 1.8 percent shift. Following a two-day drop, the aluminum 3-month price increased by 1.4 percent on the LME to $1,846 per metric ton. The Indian aluminum cash price rose 0.5 percent to INR 109.55 ($1.85) per kilogram.
Chinese aluminum prices closed flat for the day. The price of Chinese aluminum scrap was unchanged at CNY 12,250 ($1,966) per metric ton. The price of Chinese aluminum billet held steady at CNY 13,590 ($2,181) per metric ton. The price of Chinese aluminum bar saw little movement at CNY 14,200 ($2,279) per metric ton. The cash price of Chinese aluminum remained essentially flat at CNY 13,180 ($2,115) per metric ton.