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U.S. Steel Workers’ Profit Share At Record High

Union official says the 14,000 union steelworkers employed by U.S. Steel are getting a record-setting share of the steelmaker's second-quarter profits.

PITTSBURGH (AP) -- A union official says the 14,000 union steelworkers employed by Pittsburgh-based United States Steel are getting a record-setting share of the steelmaker's second-quarter profits.

United Steelworkers spokesman Wayne Ranick says each steelworker will get $4,464 for their share of the profits. In July, U.S. Steel reported record net income of $668 million for the second quarter.

The profit-sharing for workers is based on a formula spelled out in their contract with the steelmaker.

In 2007, the same steelworkers received $2,137 each in second-quarter profit sharing.

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