Nwitimes.com reported that hourly workers at ArcelorMittal domestic mills in US will not receive profit sharing form USD 2.37 billion profit in first quarter of 2008.

The report cited Mr Matt Beckman, secretary to the grievance committee of United Steelworkers Local 1010, which represents hourly workers at Arcelor Mittal Indiana Harbor East plant in Burns Harbor as saying that "Profit sharing pool is zero. The pool is based on the company's US results. The steelworkers are very upset by the news.”

As per report, the profit-sharing pool for ArcelorMittal USA is established by multiplying a variable percentage by its, not the corporation's EBITDA at various thresholds of profitability. There is no profit sharing if the amount per ton falls under USD 24.99. For the quarter, the unaudited Adjusted EBITDA per ton was USD 19.67

The report cited Mr Michael Rippey CEO of ArcelorMittal USA as saying that the company's first quarter financial results are significantly below expectations due to the continuing escalation in raw material prices, delays in raw material receipts and our inability to achieve planned operating reliability. He advised that "In spite of the issues experienced in the first quarter, we still have an excellent opportunity to achieve future quarterly payouts if we work safely and execute our operations in a timely, efficient, and cost effective manner.”

ArcelorMittal USA employs about 3,000 USW members at its Burns Harbor plant and almost 5,000 at two East Chicago plants.