Upcoming talks for a new three-year labor contract with the country’s top two steelmakers will mark the first time in a generation that negotiations have taken place in a depressed steel industry. Steel prices have fallen 20% since January 1st due to economical steel imports, falling oil prices, and a lethargic economy that has led to closed plants, layoffs, and $261 million in losses for the second quarter. At the heart of negotiations will be healthcare benefits, as steel companies seek to implement new health care premiums for workers due to rising medical costs, a quandary felt by other industries. Steelworkers are also upset that U.S. Steel CEO Mario Longhi received a $7.6 million wage increase, announced at the same time that over 9,000 workers were laid off.
See "Steelworkers to Rally for Wage, Health-Benefit Pacts", John W. Miller, August 17, 2015