For Immediate Release
Bethlehem Steel Corporation
Public Affairs Department
Sparrows Point, MD 21219
(410) 388-6077
SPARROWS POINT, MD., December 18, 1995 -- Bethlehem Steel Corporation's BethShip, Sparrows Point Yard announced today that its union-represented employees have ratified a new collective bargaining agreement negotiated with the Industrial Union of Marine and Shipbuilding Workers of America/International Association of Machinists and Aerospace Workers, AFL-CIO.
The three-year agreement will become effective on July 30, 1996, upon the expiration of the current agreement. The new agreement was negotiated early, said BethShip President David Watson, "to enable us to determine what our costs will be on future work and to ensure our customers that we will have uninterrupted work schedules and the ability to continue to deliver on time."
The new agreement provides for a $500 ratification bonus, pension improvements, and a 401(K) plan, while maintaining rates of pay at their present levels.
Mr. Watson said: "I appreciate the determined efforts of the union officers to reach this successful conclusion on behalf of their members. The ratification will clear the way for us to secure projects that will provide steady work for all of our employees."
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