USX to Pay $28 Million in Profit Sharing
The nation’s No. 1 steelmaker, USX Corp., will pay $28 million in profit sharing to unionized workers who will receive an average of $1,700 in cash April 15, Chairman David Roderick said Wednesday.
The payments are linked to stock prices of USX’s competitors, Bethlehem Steel Corp. and LTV Corp. USX’s profit sharing payments can be triggered either by those provisions or by the firm’s earnings, but the latter were too low last year.
The payments result from an agreement USX worked out with the United Steelworkers union in a four-year contract that ended a six-month labor dispute last year.