HAYNES INTERNATIONAL, INC. ANNOUCES USW FAILS TO RATIFY AGREEMENTCollective Bargaining Agreement |
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Exhibit
99.1
NEWS
RELEASE
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FOR
IMMEDIATE RELEASE
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Contact:
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Marcel
Martin
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Vice
President - Finance and Chief Financial Officer
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Haynes
International, Inc.
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765-456-6129
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HAYNES
INTERNATIONAL, INC. ANNOUCES USW FAILS TO RATIFY
AGREEMENT
KOKOMO,
IN, June 12, 2007 - Haynes International, Inc. (Nasdaq: HAYN) announced today
that the tentative collective bargaining agreement between the Company and
the
United Steelworkers Local 2958 (USW) was not ratified by the membership of
the
USW. The Company and the USW intend to execute an agreement to extend the
current labor agreement, which expired at midnight on June 11, 2007. The 514
employees at the Company's Kokomo, Indiana plant and the Lebanon, Indiana
service center will continue to work under the extended agreement, which will
expire on June 30, 2007. The Company and the USW plan to return to the
negotiating table the
week
of June 18, 2007 to resolve any outstanding issues. Francis J. Petro, President
and Chief Executive Officer of the Company, said, "The USW and our negotiating
team worked very hard to reach an agreement and have engaged in a ver
