Boeing and its largest union appear to be digging in for a long fight — even as some striking workers start to look for temporary jobs and the company risks having its credit rating downgraded to junk status.

Nearly a month into the strike, negotiations between Boeing and the union resumed this week after a long break. But they collapsed Tuesday, with the company withdrawing its latest offer.

In a message to employees, Stephanie Pope, the CEO of Boeing’s commercial airplane unit, said the union had made “demands far in excess of what can be accepted if we are to remain competitive as a business.”

The union accused Boeing of being “hellbent” on sticking to the offer labor leaders had previously rejected for being insufficient to garner the support of most of its more than 33,000 members.

Boeing, which hasn’t reported a full-year profit since 2018, is now losing tens of millions of dollars more every day that striking workers are not building planes. The work stoppage also comes as Boeing is trying to persuade regulators to let it produce more 737 Max jets, its bestselling plane. And Tuesday, S&P Global Ratings said it was considering lowering the company’s credit rating.

The strike began in mid-September after workers overwhelmingly rejected a four-year tentative contract negotiated by union leaders and company executives. Boeing made the now-withdrawn proposal days later, offering a 30% raise and other improved benefits, but the union and its members said the deal didn’t go far enough.

“The reality is it didn’t meet what our members were looking for,” said Jon Holden, the leader of District 751 of the Machinists union. “We were never going to vote that offer.”

Under Boeing’s most recent offer, starting pay for union members would have risen to $20 an hour, and the average machinist would have earned more than $111,000 annually by the end of the four-year contract, according to the company. That would have put starting pay at around Seattle’s minimum wage, which is slated to rise to $20.76 in January.

Many Boeing workers are also seeking changes to a 2014 deal in which the union’s members accepted a contract that froze their pension plan in exchange for a promise by Boeing to keep production of the 777X in the Seattle area.