"We have reached an agreement that ensures our employees continue to earn some of the best wages in the region and in the steel industry nationally," said Bill Bryan, TimkenSteel's executive vice president of manufacturing and supply chain. "We're working together both to address the significant competitive pressures we face from global steel overcapacity and to keep our people working."

A ratification vote hasn’t been scheduled, but the union’s negotiating committee has unanimously endorsed the new contract. 

The previous agreement with Local 1123, which represents approximately 1,650 employees at the company’s facilities in Canton, Ohio, USA, was set to expire today.