ArcelorMittal Steel, the world's largest steel maker, has backed down on proposed changes to pensions in talks to replace a labor accord for thousands of U.S. workers that is due to expire Saturday at midnight.
The company took some steps forward, including backing off of their demand for no pensions for new hires.
ArcelorMittal said they would stop giving pensions to workers hired after September first. Reportedly, Chief Executive Officer Lakshmi Niwas Mittal is trying to cut U.S. wages, sell assets and relocate production as demand drops in Europe.
ArcelorMittal and US Steel Corporation are negotiating new contracts with the union.
ArcelorMittal and its union have just days to reach an agreement on a new contract.
According to officials the unions contract expires Saturday, Sept. first at midnight.
United Steel Workers local 2911 President Mark Glyptis says his goal is to get a fair contract for the workers in Weirton.
Large parts of the former Weirton Steel became available for sale earlier this year with several interested buyers. WTRF.com first reported ArcelorMittal is selling just about every piece of property the company sits on except the tin mill.
The two sides spent time negotiating the terms of a new contact in Pittsburgh in July. Click here for more information on the initial sale of the steel plant.
Glyptis said he couldn't discuss specifics but he is optimistic that they can reach an agreement.
The union says it has a comprehensive proposal on the table.
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