In an update to the membership, the union said the four-year agreement “mirrors the industry standard on wages, lump-sum payments and pensions and maintains or improves our existing health insurance benefits for active and retired Steelworkers and their dependents.” 

The union said it is scheduling meetings with locals to discuss the contract. 

The union and the company had returned to the bargaining table earlier this week, and one union official told the Chicago Tribune he was hopeful a deal was close at hand. 

"I don't think there's anything out there that level-headed individuals shouldn't be able to resolve," Pete Trinidad, a USW local president and a member of the negotiaiting team, told the newspaper. 

Details of the contract weren’t immediately available, but in October, ArcelorMittal USA president and chief executive John Brett said the company’s latest offer included  wage increases in each year of a four-year deal and a $4,000 lump sum payment upon ratification. It also offered to leave unchanged health insurance premiums, deductibles and out-of-pocket expenses for employees and retirees.