Steel workers forgo increases for profit sharing
About 2,900 employees of Bethlehem Steel Corp.'s unprofitable bar, rod, and wire plants in Johnstown, PA, and Lackawanna, NY, have agreed to wage and benefit concessions in exchange for preferred stock and a profit-sharing plan. According to the president of United Steelworkers Local 2632 in Lackawanna, the company would probably have closed the operations if the workers had not accepted the modifications of the current agreement, ...