Union ratifies pay deal with Western Forest

BANGALORE (Reuters) - United Steelworkers Union has ratified a four-year contract with Western Forest Products WEF.TO, which includes new job security provisions in the event of permanent partial closures.

On July 26, Western Forest said it reached a tentative deal with the United Steelworkers on a contract that will apply to "the vast majority" of its unionized workers and the terms of the deal would be announced would be announced after the ratification votes.

The new agreement, which includes two-year wage freeze and annual pay hikes of 2 percent after that, also gives the workers a hike in life insurance and accidental death and dismemberment coverage.

The agreement stabilizes the long-term disability plan with additional contributions, and maintains preferential hiring provisions.

Western Forest Products operates mostly in the coastal region of British Columbia. Its annual available harvest totals 7.4 million cubic meters of timber.

Shares of the company were trading down 5 percent at 31 Canadian cents on the Toronto Stock Exchange.

(Reporting by Aftab Ahmed in Bangalore)