NEW YORK — Dunkirk Specialty Steel LLC says it has reached a new five-year collective bargaining agreement with its hourly employees represented by Local 2693 of the United Steelworkers union in Dunkirk, N.Y.

"We believe the new contract is beneficial to our employees and is in the best interests of our customers and shareholders," Dennis M. Oates, chief executive officer of Bridgeville, Pa.-based parent company Universal Stainless & Alloy Products Inc., said in a statement. "The new contract maintains the flexible work rule terms and profit-sharing incentives contained in the prior agreement."

The original contract, which expired Oct. 31, was temporarily extended to allow negotiations to continue (amm.com, Nov. 1).

The company did not return calls for comment.