ArcelorMittal just announced a tentative agreement with the USW. No details are available, and we expect to see few in the coming weeks, as the ratification process is typically sensitive and typically companies – both USS and Mittal in this case – have very little to say until the contract is voted on.

We believe this development is a healthy one for the industry, as the high profile of the tenor of negotiations most probably was unnerving some buyers – unnerved buyers double order, build inventories and seek out imports.

So this is good news for all.

Update from Pittsburgh: September 8, 2012 – 1 p.m. EDT

The following statement is from ArcelorMittal USA and includes a quote from Michael Rippey, President & CEO, ArcelorMittal USA:

ArcelorMittal has reached a tentative agreement with the United Steelworkers (USW) on a new, three-year labor contract covering nearly 14,000 USW-represented employees at 15 of ArcelorMittal USA’s flat carbon, long carbon and iron ore mining locations. The tentative agreement will replace the existing contract that was originally set to expire on September 1, 2012 and remains subject to ratification by the USW membership.

“We are pleased to have a new, tentative agreement with the USW and to have reached a fair and equitable outcome without disruption to our business operations,” said Michael Rippey, president and CEO of ArcelorMittal USA. “We extend our appreciation to our employees, customers and the community for their patience and support during the negotiation process.”