Cleveland-Cliffs Announces Ratification of New Labor Agreement with the USW Covering 12,000 Union Members

Rhea-AI Summary

Cleveland-Cliffs Inc. (NYSE: CLF) has ratified a new labor agreement with the United Steelworkers (USW), covering approximately 12,000 employees at 13 locations. This four-year contract, effective from September 1, 2022, complements an earlier agreement for 2,000 employees, concluding the renegotiation cycle with contracts valid through September 2026. CEO Lourenco Goncalves emphasized the importance of workforce support in navigating challenges, including the pandemic and business transformation.

Positive

• Ratification of a new 4-year labor agreement with USW covering 12,000 employees.
• Contracts now valid through September 2026, ensuring labor stability.
• CEO highlights workforce importance in company transformation and pandemic adaptation.

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• None.

CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) announced today that its new labor agreement with the United Steelworkers (USW) has been ratified. The contract covers approximately 12,000 USW-represented employees at 13 operating locations, and has a 4-year duration from its starting date of September 1, 2022. Combined with the previously ratified labor agreement covering 2,000 USW-represented employees at the Company’s mining and pelletizing operations, Cliffs and the USW have concluded the renegotiating cycle with contracts valid through September of 2026.

Lourenco Goncalves, Chairman, President and CEO said, “Cleveland-Cliffs is a people oriented company. These labor agreements, covering more than half of our entire workforce, support that statement. Our workforce has made these past two years possible, including navigating a monumental transformation and growth, overcoming the challenges of a pandemic, and adapting to an ever-changing business climate. Going forward, we will continue to promote our employees’ well-being as the basis of our success, for the benefit of our clients and our long-term shareholders.”

About Cleveland-Cliffs Inc.

Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cliffs also is the largest manufacturer of iron ore pellets in North America. The Company is vertically integrated from mined raw materials, direct reduced iron, and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling, and tubing. We are the largest supplier of steel to the automotive industry in North America and serve a diverse range of other markets due to our comprehensive offering of flat-rolled steel products. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 27,000 people across its operations in the United States and Canada.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221012005772/en/

MEDIA CONTACT:

Patricia Persico

Senior Director, Corporate Communications

(216) 694-5316

INVESTOR CONTACT:

James Kerr

Manager, Investor Relations

(216) 694-7719

Source: Cleveland-Cliffs Inc.

FAQ

What is the significance of the new labor agreement for Cleveland-Cliffs (CLF)?

The new labor agreement ensures stability for approximately 12,000 employees and is valid through September 2026.

How many employees are covered by the Cleveland-Cliffs labor agreements?

The new agreement covers about 12,000 employees, in addition to 2,000 already under a previous agreement.

When did the new labor contract for Cleveland-Cliffs employees start?

The new labor contract took effect on September 1, 2022.

Who is the CEO of Cleveland-Cliffs (CLF)?

Lourenco Goncalves is the Chairman, President, and CEO of Cleveland-Cliffs.