Haynes workers ratify contract with $4,000 lump sums

June 28, 2007
Workers at Haynes International Inc. in Kokomo will receive lump-sum payments of $4,000 each as a result of a three-year contract they ratified 362-85 yesterday.

The pact with United Steel Workers Local 2958 includes a 12-percent general wage increase over the period and a boost in pensions of $300 to $400 a month, said District 3 Director Randy McKay.

The contract covers 514 of Haynes' 750 employees. Haynes makes parts from nickel- and cobalt-based alloys for the aerospace industry and other applications.

McKay said the deal also limits maximum required overtime to 48 hours a month. Some workers had been putting in 12-hour days for seven days a week, McKay said.

Health care benefits increased slightly.

The contract is lucrative at a time many manufacturers are cutting wages and benefits.

McKay said he thinks the generosity was sparked by an initial public offering in March that resulted in the stock skyrocketing to $90 a share, up from $65. A number of Haynes owners became millionaires, he said, and the company seemed willing to spread the wealth.

"Haynes is a good company, and I do think they care about people out here," McKay said.
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