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Press release


Trade Unions and USSK sign Collective Labor Agreement Amendment

Author: USS Košice

Kosice, February 21, 2006 - The management of U. S. Steel Kosice, s.r.o. and representatives of METALURG U. S. Steel Kosice Trades Union Council, KOVO U. S. Steel Kosice Trades Union Organization and the Independent Christian Trades Unions of Slovakia U. S. Steel Kosice Organization today signed Amendment No.3 to the Colllective Agreement for the period 2004 - 2007.

This Amendment concerns issues of employees' pay, contributions to and usage of the social fund agreed for the year 2006. Representatives of Company management and trades union organizations agreed on an overall increase in average monthly pay for each employee of 1843,- SKK. The Amendment also specifies details of the agreement on payment for skills, special adjustments of pay tariffs and adjustments of compensation for work in arduous conditions. The total amount of these pay costs for 2006 exceeds the sum of 90 million SKK.

In 2006 every entitled employee will again receive the 13th and 14th months' pay, now at the rate of 50 % of their monthly pay tariff valid as at December 31st 2005, while the other 50 % will be paid out progressively as part of each employee's monthly pay. The variable pay component will be equivalent to 7 % of the consolidated net income of U. S. Steel Kosice, s.r.o. after taxation.

This agreement applies to employees of U. S. Steel Kosice, s.r.o., U. S. Steel Kosice - SBS, s.r.o. and U. S. Steel Kosice - Labortest, s.r.o., effective from January 1st, 2006.

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Further information:

Jan Baca
Director Public Affairs
U. S. Steel Kosice, s.r.o.
Tel.: +421 55 673 4476
Fax: +421 55 673 0330