Major US refinery strike averted as union and producers agree on new four year contract
The United Steelworkers union reached a four-year deal with US refiners on Friday to raise wages. This agreement prevents a strike of 30,000 refinery workers.
Insights:
The United Steelworkers (USW) has officially adopted a national four-year pay and benefits agreement negotiated with Marathon Petroleum Corporation on behalf of refiners and chemical producers across the US 
US. This significant development successfully averts a potential nationwide strike that could have affected approximately 30,000 workers at 26 different companies. The agreement is a major milestone for the industry, as it applies to refineries representing about two-thirds of the total refining capacity in the US US.
US. This significant development successfully averts a potential nationwide strike that could have affected approximately 30,000 workers at 26 different companies. The agreement is a major milestone for the industry, as it applies to refineries representing about two-thirds of the total refining capacity in the US US.Under the terms of the new deal, workers will receive a 15% total hourly pay increase over the four-year contract term. The wage progression is set at 4% in the first year, 3.5% in both the second and third years, and 4% in the fourth year. Additionally, the settlement includes a $2,500 signing bonus for employees. This pattern agreement was first proposed on February 1 and received the necessary approval from the USW policy committee in the days that followed, establishing the framework for the USW National Oil Bargaining Program (NOBP).
