U.S. Commerce Secretary Wilbur Ross said on Friday that wage increases are a likely outcome of the current contract talks between U.S. steel companies and the United Steelworkers union, and said that they would be a bellwether for the broader U.S. labor market.
"In many ways the current negotiations between the steel companies and the USWA (United Steelworkers) probably will be a bellwether," Ross said in an interview with Reuters.
"It wouldn't be surprising if there are some wage increases coming from that," he added.
United States Steel Corp and ArcelorMittal USA, a unit of ArcelorMittal, are currently negotiating labor contracts for about 31,000 workers represented by the United Steelworkers union.