Bethlehem Steel Corp. will distribute $48 million...
Bethlehem Steel Corp. will distribute $48 million in cash and stock among 24,000 employees whose wage and benefit concessions helped Bethlehem record its first profitable year since 1981. The distribution is a condition of the company’s contract with the United Steelworkers, effective July 1, 1986, and with other unions, Bethlehem said. By April 15, the workers will receive cash payments averaging $500 from a profit-sharing pool that grew to $11.5 million as the company’s 1987 net earnings reached $174 million, or $2.77 per share.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
