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The United Steelworkers union rejected a pay enhance supplied by Marathon Petroleum (NYSE:MPC), the lead oil firm negotiator in talks for a labor settlement overlaying 30K U.S. refinery and chemical plant employees, Reuters reviews.
The provide reportedly was for a 4% pay enhance over three years; beneath the present contract, which expires on February 1, employees obtained 3.5% pay raises in every of the contract’s first two years and 4% within the third 12 months.
Going into the talks, the union was mentioned to be in search of “vital” pay will increase and enhancements in medical health insurance.
Individually, union officers mentioned negotiators for Exxon Mobil (NYSE:XOM) and the USW are discussing a contract proposal that would obtain a ratification vote by employees locked out of the corporate’s Beaumont refinery in Texas since Might.
The members of USW Native 13-243 in Beaumont may vote on a proposal agreed to by negotiators someday in February, a union consultant instructed Reuters.
Different doubtlessly related tickers embrace VLO, PSX, HFC, PBF, CVI, DK
Wells Fargo analysts cite a confluence of constructive macro and firm particular components in forecasting stronger This autumn earnings for many refiners.
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