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 $(245,034,761.37). As a result, there is no profit sharing for 4th Quarter.

PEP payments since 9/1/12 are $29,360,000. This is in excess of the $26,500,000 pre-existing pool which was funded by the 2012 Basic Labor Agreement by $2,860,000 of which $0 is being deducted for Q4 2020. The excess of $2,860,000 will roll forward and may accumulate as future deductions from any existing profit-sharing pool.

Pete Trinidad Sr. 
USW Local 6787
President