Universal Stainless & Alloy Products, Inc. (Nasdaq:USAP) announced today that it has reached a new five-year collective bargaining agreement effective October 1, 2010, with the Titusville hourly employees represented by Local 7312-03 of the United Steelworkers (USW).
The current contract with the hourly employees at the Company's facility in Titusville, PA is scheduled to expire September 30, 2010.
President and CEO Dennis Oates commented: "We believe the new contract is beneficial to our employees and is in the best interests of our customers and shareholders. The early agreement allows us to concentrate on growing the business. The new contract contains wage and benefit increases while maintaining the flexible work rule terms and profit sharing incentives contained in the prior agreement."