ATI and USW Agree to New Tentative Contract; BHP Slashes Dividend

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Yesterday, Allegheny Technolgies, Inc., and the United Steelworkers reached a tentative agreement on a new contract and BHP Billiton slashed its dividend.

ATI and USW Reach Tentative Agreement

United Steelworkers members locked out of Allegheny Technologies, Inc. plants since August will review details of a tentative contract as early as this weekend. We recently wrote about the issues that ATI and the USW were negotiating.

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In a text message Monday evening, USW officials announced their bargaining committee reached a tentative deal that would end the six-month lockout of 2,200 steelworkers at 12 plants in six states. That includes about 1,500 at facilities in ATI’s Pennsylvania facilities in Harrison, Gilpin, Vandergrift, Latrobe, Washington, Pa., and Midland, the Pittsburgh Tribune-Review reported.

“Out of respect for the ratification process, we’re not going to make any comment at this point,” ATI spokesman Dan Greenfield said.

BHP Slashes Dividend

Top global miner BHP Billiton slashed its interim dividend by 75% on Tuesday, abandoning a long-held policy of steady or higher payouts as it braces for a longer-than-expected commodities downturn.

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The end to BHP’s so-called progressive dividend policy came as the world’s biggest diversified miner slumped to a net loss of $5.67 billion for the six months ended Dec. 31, its first loss in more than 16 years.

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