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"Steelworkers Happy with Wheeling-Pitt, Severstal Joint Venture"
"FOLLANSBEE, W.Va. -- The United Steelworkers of America welcome the recent announcement that Russian steelmaker OAO Severstal and Wheeling-Pittsburgh Steel Corp. have agreed to form a joint venture at Wheeling-Pitt's Follansbee Coke Plant, according to David McCall, USWA District 1 director.Under the proposed venture, both companies would share ownership of the plant and the coke produced there, but Wheeling-Pitt will continue to manage the facility. Union officials fully expect the proposed joint venture, which calls for Severstal North America to invest over $120 million into the plant over the next four years, to benefit current USWA members as well as retirees. "This investment will finally allow for the modernization of the facility," McCall said, "and we are confident that this joint venture will ensure that the proud tradition of steelmaking in the Ohio Valley will continue long into the future." Current contract language between the USWA and Wheeling Pitt protects the hourly work force from suffering any negative consequences as a result of the venture, he adds. "Our members will retain all of the rights guaranteed under the innovative labor agreement we negotiated with Wheeling-Pitt last year," McCall said. "Corporate governance, seniority, transfer rights and all other provisions will continue to be protected and unaffected by the transaction." Also, the benefit trust created in the latest contract with Wheeling Pitt will provide relief for retirees who lost their health-care coverage in bankruptcy could gain from increased profits at the coke plant, McCall said. Visit United Steelworkers of America: www.uswa.org"