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ArcelorMittal and the United Steelworkers union have reached an agreement to keep negotiating under the current contract past its Saturday expiration date.

The failure to reach a deal for a new contract by this weekend could have resulted in a strike or a lockout that would have affected thousands of steelworkers at ArcelorMittal Indiana Harbor in East Chicago and ArcelorMittal Burns Harbor, as well as at the company's operations in Gary, Riverdale and New Carlisle.

"Although we are not satisfied with the little progress we have made at the table since negotiations began on July 9, we reached an understanding to extend our current contracts for a short period of time while negotiations proceed, subject to a 48-hour notice if either party intends to terminate," USW said in an update to members. "Our negotiating committee has been patient in the face of ArcelorMittal's attempts to frustrate us. We have sought out common ground where management only seeks to divide. We have provided reasonable alternatives to the company's unreasonable demands."