Goodyear declares agreement with the steelworkers

Today at 10 a.m. (New York time) Goodyear CEO Robert Keegan and the president of the North American Tire Division, Jonathan Rich, will explain to journalists and analysts the details of the newly ratified contract agreement with the United Steelworkers of America (USWA).

The management describes the agreement as being “fair and innovative”. It is expected that Keegan and Rich will comment on the company’s North American tyre business in quarter three where insiders don’t detect any improvements; and indeed the general conditions are not beneficial to the turnaround plan. For example the material costs are rising and will contribute to another quarter with high losses.