We are the United Steelworkers, North America’s largest industrial union. We’re 1.2 million members and retirees strong in the United States, Canada and the Caribbean. We proudly represent men and women who work in nearly every industry there is.
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 $443,800,599.42.
PEP payments since 9/1/12 are $31,550,000. This is in excess of the $26,500,000 pre-existing pool which was funded by the 2012 Basic Labor Agreement by $5,050,000. $4,430,000 was deducted from the profit sharing generated in Q1 2021, the balance of $620,000 will be deducted from the profit-sharing generated in Q2 2021. As a result, the profit-sharing pool after the PEP deduction is $32,665,044.96.
There were 5,690,929.69 eligible hours worked resulting in a profit-sharing amount of $5.740 per hour with a maximum of 48 eligible hours per week.
$5.740 x 520 hours = $2,984.80 $5.740 x 624 hours = $3,581.76
In Solidarity, Pete Trinidad Sr. USW Local 6787 President
