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 $576,023,193.99. 

PEP payments since 9/1/12 are $26,500,000. This is in excess of the $26,500,000 pre-existing pool which was funded by the 2012 Basic Labor Agreement by $7,470,000. $4,430,000 was deducted from the profit sharing generated in Q1 2021, $620,000 was deducted from the profit-sharing generated in Q2 2021, $720,000 was the deducted from the profit sharing generated in Q3 2021, and the balance of 180,000 was deducted from the profit sharing generated in Q4 2021 and the balance of $1,520,000 will be deducted from the profit-sharing generated in Q1 2022.  As a result, the Q1 2022 profit-sharing pool after the PEP deduction is $41,681,739.55.

There were 6,042,792.03 eligible hours worked resulting in a profit-sharing amount of $6.898 per hour with a maximum of 48 eligible hours per week.

$6.898 x 520 hours = $3586.96
$6.898 x 624 hours = $4304.35

This payment will be made on May 13th. 

IRP payments will also be made May 13th in a separate check. 

In Solidarity, 
Pete Trinidad Sr. 
USW Local 6787
President