In an announcement Friday, the company said the revised four-year agreement with United Steelworkers Local 1123 includes base wage increases in each year of the contract, a signing bonus and what it described as high-quality healthcare and retirement benefits, all elements of the previous deals.

"From the start of these contract discussions, we have worked with union leadership to convey the competitive pressures we continue to face and to reach an agreement with those representatives that take into consideration today's marketplace while still giving our employees some of the best wages and benefits in Stark County (Ohio)," said Bill Bryan, TimkenSteel's executive vice president of manufacturing and supply chain.

The union said the revised agreement allows anyone hired after 1 November 2009 to participate in either the company’s defined benefit pension plan or its new 401(k) retirement plan. The company said the agreement is its last, best and final offer, according to the union.

The union’s negotiating committee is recommending that the agreement be ratified. The union said it will be meeting with the membership this week to explain the contract.

Union members have twice rejected tentative deals with the company. The first agreement was shot down in October by a vote of 708 to 574. The second deal was voted down 673 to 590 earlier this month.

Local 1123 represents approximately 1,650 employees.