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UAW says 'progress has been made' in talks with General Motors

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UAW says 'progress has been made' in talks with General Motors

An official from the United Automobile Workers union told members Sept. 19 that "some progress has been made" in its talks with General Motors Co., but noted that many issues remain unsolved.

"Your elected Bargaining Committee and the UAW International Staff have been working long hours each day for weeks negotiating on our Members' behalf," Terry Dittes, vice president and director of UAW General Motors Department, said in a letter to union members as the nationwide strike of GM workers entered its fourth day.

Dittes added that the process could continue "this weekend and beyond," in case both parties fail to reach a tentative agreement.

S&P Global Ratings analyst Lawrence Orlowski recently noted that if the strike runs through a week, GM could burn $1 billion in cash as production is expected to lose up to 45,000 vehicles. Auto industry experts and analysts had earlier estimated losses of up to $50 million to $100 million per day.

Among the issues that UAW has placed on the negotiating table are job security, fair wages, affordable health care, a share of the carmaker's profits, and a defined path to permanent seniority for temporary workers.

The UAW decided to hold a strike after the union, through Dittes, told GM that they would not agree to extend the collective bargaining agreements.

GM's stock closed down 1.05% to $37.78 on Sept. 19, falling 0.40% further to $37.63 in after-hours trading.