Haynes International announces ratification of labor agreement

Haynes International Inc. announced July 1 that membership of the United Steelworkers Local 2958 has ratified an agreement covering approximately 454 employees at the Company's Kokomo, Ind., plant and the Lebanon, Ind., service center.

"We are very pleased that the local union has ratified this new contract," said Mark Comerford, president and chief executive officer of the company. "We believe that this was a successful negotiation process, with contributions by both sides. With this agreement in place, we look forward to focusing our energy and efforts on meeting the needs of our customers and working together to build a strong future for our company."

"This agreement was the result of a lot of hard work on the part of everyone involved," said Jean C. Neel, vice president for corporate affairs. "We are very pleased that our employees have shown their strong support for the agreement. It represents a true effort to collaboratively address the needs of the employees, while also addressing the costs and other concerns that our Company faces in today's challenging market conditions."

The company and the union reached a tentative agreement early Wednesday, June 30. The new three-year agreement includes a lump sum payout of $4,000 for covered employees and wage increases of 2.0 percent in 2011 and 2012. This agreement succeeds an existing agreement that expired June 30.

Haynes International Inc. is a leading developer, manufacturer and marketer of technologically advanced, high-performance alloys, primarily for use in the aerospace, land-based gas turbine and chemical processing industries.