Workers Uniting Concerned About Hedge Fund Efforts to Oust Arconic CEO

Workers Uniting, the 2 million-member global union formed by UNITE the Union and the United Steelworkers (USW), has serious concerns about efforts by several hedge funds to oust the CEO of Arconic, the specialized metals and components company formed in late 2016 after the breakup of Alcoa, Inc.  Together, UNITE and the USW represent more than 7,700 Arconic employees in North America and the United Kingdom. 

The hedge fund Elliott Management Corp., which states that it owns more than a 12 percent economic interest in Arconic, wrote to the company’s board of directors on Feb. 7 urging the board to oust Arconic CEO Klaus Kleinfeld and elect a competing slate of directors. Other hedge funds have expressed their support for Elliott’s efforts. Submitting to the demands of these hedge funds, whose interests likely focus on their short-term returns as opposed to the long-term needs of the business, poses too great a risk for Arconic’s employees and other stakeholders, as well as for communities in which Arconic operates.

The USW and UNITE have never hesitated to criticize the management of any company when criticism is due. Click here for more from Workers Uniting.

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