3rd Quarter 2020 Profit Sharing

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 (-$270,889,703.58). As a result, there was no profit sharing generated for the pool using the Basic Labor Agreement calculations.

PEP payments since 9/1/12 are $29,170,000.  This is in excess of the $26,500,000 pre-existing pool which was funded by the 2012 Basic Labor Agreement by $2,670,000 of which $0 is being deducted for Q3 2020.  The excess of $2,670,000 will roll forward and may accumulate as future deductions from any existing profit-sharing pool.

In Solidarity, 
Pete Trinidad Sr. 
USW Local 6787 President