Asarco, union reach agreement

Denver — Asarco, a wholly owned subsidiary of Grupo Mexico, has reached an agreement with the United Steel Workers union over contract negotiations.

The new, 3-year deal gives workers a wage increase of US50 per hour when the price of copper hits US$1 per lb., or by July 2002, which ever comes first. The workers will receive a second increase, of US50 per hour, by July 2003.

The agreement includes modifications to work rules and practices. The previous contract expired June 30, though negotiations continued through July 1 until an agreement was reached. The membership still has to ratify the new agreement.

The United Steel Workers represent 1,450 workers at Asarco’s Mission and Silver Bell copper mines and Hayden copper smelter in Arizona, and a smelting complex in Texas.