June 23, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — TMK IPSCO (TMKS.L) (TMKXY.PK), a maker of steel pipes for the oil and gas industry, said it has been notified by the United Steelworkers and its Local 9305 that union members at the company's Koppel and Ambridge, Pennsylvania plants have ratified a new labor agreement.

The new contract replaces one that expired May 31, and will remain in effect through May 31, 2014. The contract covers around 200 production and maintenance employees at the Koppel plant and 350 at Ambridge.

Accordiing to TMK, the terms of the new agreement include introduction of a new incentive plan based on productivity, quality, and safety, plus increases in base wages each year of the contract along with higher contributions by the company to the USW Pension Trust, and health insurance cost containment measures.  

Illinois-based TMK IPSCO operates in North America as a division of TMK, the largest pipe producer in Russia. TMK IPSCO is a producer of energy tubulars.

The firm operates one steel mill and ten pipe mills and product finishing facilities in eight states across the United States.

TMK IPSCO's pipe mills produce a range of seamless and welded energy tubular products including oil & gas well casing and tubing, line pipe, standard pipe and hollow structural sections.  

Russia-based TMK operates 22 production sites in Russia, the United States, Romania, and Kazakhstan. In 2009, TMK shipped 2.8 million tonnes of pipe products and supplied companies in more than 65 countries.

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