Sivyer Steel Corp. and the United Steel Workers Union Local 105-2 have agreed to a new five-year labor agreement for workers at the Bettendorf, IA, metalcasting, machining, and heat-treating operation. The foundry said the union members voted to approve the new contract, which resulted from several weeks of negotiations.
The contract will be in effect until October 16, 2016.
Sivyer Steel has been in operation since 1909. It produces custom steel castings in high volumes for heavy equipment builders supplying mining and recycling industries, as well as military contractors.
According to a statement, the new agreement will provide workers with lump-sum payments and wage increases over its course, and hey will be eligible for bonus earnings and paid time off for perfect attendance. In addition, each union member will receive one additional floating, paid holiday per year.
The company will increase its contributions to the employees’ 401K retirement accounts, and the agreement offers employees an option to participate in an “empowered health” program that will reduce deductibles for health and dental insurance, and introduces a vision plan.
Sivyer explained that the new agreement increases the workers’ allowances for individual safety equipment, and it introduces a new, random drug-testing program.
In its statement, Sivyer Steel indicated that it sees the contract as “the platform from which to build a strong and stable future for Sivyer and its employees.”