WEST CHESTER, Ohio (AP) -- AK Steel Holding Corp. said Monday its employees have ratified the terms of a three-year employment contract extension covering about 750 workers at the company's Ashland Works plant in Kentucky.
Members of the United Steelworkers Local 1865 ratified the agreement on Friday, the company said in a regulatory filing.
The new agreement extends the existing contract to Sept. 1, 2013. It had been set to expire Sept. 1.
The contract covers hourly production and maintenance steel operations employees.
Among its provisions, it provides lump sum payments of $1,500 to each employee covered by the contract through 2012. AK Steel also agreed to boost employees' standard hourly wage rate by $1.00 staring in September.
AK Steel management said the contract extension gives the company flexibility to adjust to market conditions and commit roughly $30 million in capital investments over the life of the contract to the steel-making plant, particularly the blast furnace.
Shares in AK Steel slipped 43 cents, or 3.2 percent, to $12.95 in afternoon trading.
