PITTSBURGH (AP) -- Members of Alcoa Inc.'s largest union have ratified a new four-year contract that will pay them more money yet will raise health-care policy premiums.
The Steelworkers Union and the aluminum manufacturing giant said late Thursday that the agreement was approved, covering at least 5,400 employees at 10 locations across the U.S.
Under terms of the pact, workers will receive lump sum bonuses of $2,250 this year and $1,750 next year. A 2.5 percent wage increase will take effect in each of the latter two years, union spokesman Gerald Dickey said.
The company and USW also agreed on a health-care plan that will require employees to pay higher premiums but not as much as was proposed during contract talks, Dickey said in an e-mailed statement.
The agreement was tentatively approved June 1 after about six weeks of negotiations and will expire in May 2014.
Alcoa, which is based in Pittsburgh, has about 59,000 employees in 31 countries.
Shares of Alcoa fell 9 cents to $11.02 in morning trading.