MEXICO CITY (Reuters) - Steelmaker ArcelorMittal said on Thursday that a 55-day blockade at one of its sites in Mexico ended after workers approved a new settlement that includes an 8% pay hike for employees and review of their collective bargaining agreement.

Workers affiliated with the mining union had been protesting since late May against the annual profit distribution to employees decided by the company for 2023, bringing all activities to a halt.

In a statement, ArcelorMittal said the settlement, besides the retroactive pay increase, included a stimulus payment of 60,000 pesos ($3,336) per worker, food vouchers, back pay, and contracting a "reputable tax firm" to determine if there is any unpaid profit sharing difference.

"This means that we are in a position to resume our activities once the restart protocols are in place," the company said. "We deeply regret all the damages suffered by our direct and indirect suppliers and their workers."

The steelmaker, which has said the work stoppage was illegal for not going through the proper conciliatory processes, said workers approved the new settlement by a large majority.

ArcelorMittal, one of the world's largest steel and mining companies, last year generated over $68 billion in sales.

($1 = 17.9860 Mexican pesos)

(Reporting by Noe Torres and Sarah Morland; Editing by Aida Pelaez-Fernandez)