Spokesman: Union ratifies new contract at Special Metals
HUNTINGTON -- A spokesman for the parent company of Special Metals Corp. in Huntington said a new contract voted on by union members was ratified Monday afternoon.
Parties representing United Steelworkers Local 40 and Special Metals, owned by Precision Castparts Corp., a worldwide manufacturer of complex metal components and products, pushed through negotiations late last week in hopes of preventing a strike planned by union workers.
A near deadlock on negotiations, which revolved around insurance issues and Special Metals' capability of contracting out work, was avoided with the contract ratification Monday.
Earlier this month, Precision Castparts reported a 19 percent increase in first quarter net income, but warned of "major headwinds" including an unplanned shutdown of its 29,000 ton forging press in Houston.
Special Metals also has a plant in Burnaugh, Ky., in Boyd County.
Dwight Weber with Precision Castparts had no further comment on the contract ratification and a call to representatives of USWA Local 40 were not returned Monday evening.