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October 3, 2006 10:15 AM, EDT

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nited Steelworkers will terminate an extension of its labor contract with tire manufacturer Goodyear, effective Thursday.

The contract expired July 22, but Goodyear and USW agreed to an extension that could be terminated by either party with 72 hours’ notice, the union said in a statement.

If no agreement is reached prior to the Thursday deadline, union workers could strike or be locked out of Goodyear plants, USW said. Alternatively, union employees could continue to work without an agreement.

"The 72-hour notice simply creates a new deadline, which helps bring focus to the discussions as we work toward a new agreement," said Jim Allen, Goodyear's chief negotiator.

Goodyear and USW are currently in negotiations in Cincinnati.