Sivyer Steel Announces Settlement of Union Contract Negotiations

BETTENDORF, Iowa – October 19, 2011 – The United Steel Workers Union Local 105-2 voted to approve a new 5 year contract with Sivyer Steel during a meeting held on Sunday, October 16, 2011 following several weeks of negotiations between the union and the company.

Riverside Products and Sivyer Steel Corporation were featured as a local manufacturer of "Monster Machines," in one of the local newspapers!Highlights of the new agreement include a combination of lump sum payments and wage increases during the term of the new agreement along with improved company contributions to the employee’s 401k retirement accounts.  Also, each union employee will receive one additional paid floating day off per year.  The employees will also be able to earn bonuses and paid time off for perfect attendance.  The new agreement offers the employees the option of participating in an Empowered Health program that will reduce their deductibles for health and dental coverage along with a new vision plan.  Finally, in an effort to enhance workplace safety, the new agreement includes increased allowances for individual safety equipment and a new Random Drug Testing program.

The new contract will be in effect until October 16, 2016.  Both the Company and the Union are pleased with the new agreement and view it as the platform from which to build a strong and stable future for Sivyer and its employees.