U.S. Steel’s employees to receive highest bonuses in 10 years

This is the result of the very good economic situation in the steelworks.

U.S. Steel in KošiceU.S. Steel in Košice (Source: TASR)

The past few months have been successful for both the U.S. Steel corporation and its Košice-based plant. This will now be reflected in the employees’ variable wage payment, which will be the highest since 2007, as well as the price of shares, the regional daily Korzár reported.

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The variable wage payment will be paid in compliance with the valid collective agreement to every employee of U.S. Steel Košice (USSK), besides those directly paid by the parent company.

The payments varied

As of April 1, 2017, 8.5 percent from the average consolidated net profit for the previous three months will be paid to the steelworks’ employees. Before March 31, 2017 it was 8 percent, Korzár wrote.

Back in 2007, the variable wage payment amounted to some €250, but after the crisis employees received only single-digit payments.

Read also: Chinese are closer to taking over Košice steelworks Read more 

According to Korzár, the payment should now amount to nearly €181, which is the most since the payments are received in the euro currency.

Company reports good numbers

During the first six months of 2016, the employees had a zero bonus since the company was not in the black. The second half of the year was much better though. As a result, USSK reported a gross profit at €270.5 million.

2017 was quite good since the full amount of the variable wage payment per employee for 12 months amounted to €1,466, while the total average monthly wage exceeded €1,650, Korzár reported.

The official numbers for last year are not known yet, but it is expected the profit for 2017 will either equal or exceed the successful year of 2009 when it amounted to €347.6 million.

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“I consider it our internal matter,” said USSK’s spokesperson Ján Bača, when asked by Korzár whether the past few months were successful.

The trade unionists were more specific since their head Juraj Varga said they are all pleased with the company faring well. This will then be reflected in payslips, he added for Korzár.

He expressed content with their success in negotiations over the collective agreement, thanks to which the variable wage payment was raised to the level received by other U.S. Steel employees in the USA.

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