By MARC McDONALD
AK Steel (which reported 2005 revenues of more than $5.7 billion) has once again locked out 2,700 union workers at its Middletown Works plant in Ohio, after their contract expired.
The company has been trying to reduce the workforce at the plant. It also aims to freeze the workers' existing pension plan and force workers to pick up a greater share of health-care costs, among other demands, according to ABC News.
However, there's one person who doesn't appear to have shared in the pain: AK Steel's CEO James L. Wainscott
According to Salary.com, Wainscott pocketed compensation of $2,292,172 for the fiscal year that ended in 2004. Other top executives don't seem to be doing too shabby either.
The news coverage I've seen of this episode make zero mention of AK Steel executives' hefty pay packages, an issue that's nothing new for this company.
In any case, I believe that all this demonstrates why unions (backed by fair labor laws) are necessary in the first place.
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