Alcoa (ASX:AAI) shares fell more than 7% in recent Tuesday trade after the company late Monday disclosed the ratification of a new labor agreement with the United Steelworkers union.
The agreement is effective from May 16 this year through May 15, 2030, and covers about 965 employees at the company's Warrick operations in Indiana and Massena operations in New York.
The labor deal was ratified by a "wide margin" in a vote by union membership, the company said.
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