The 9/1/18 United Steelworkers Basic Labor Agreement (BLA) provides for a profit-sharing pool of 7.5% of the company’s profits, defined as Earnings Before Interest and Taxes (EBIT).  The company reported an unaudited Adjusted EBIT of ($-242,359,718.38). As a result, there is no profit sharing for 2nd Quarter.

PEP payments since 9/1/12 are $28,460,000. This is in excess of the $26,500,000 pre-existing pool which was funded by the 2012 Basic Labor Agreement by $1,960,000 of which $0 was being deducted for Q2 2020. The excess of $1,960,000 will roll forward and may accumulate as future deductions from any existing profit sharing pool.

In Solidarity, 
Pete Trinidad, Sr. 
USW 6787 President