Cleveland-Cliffs’ New 3-Year Labor Contract with United Auto Workers Ratified at Rockport Works

Rhea-AI Summary

Cleveland-Cliffs Inc. (NYSE: CLF) has successfully ratified a three-year labor contract with UAW Local 3044, covering approximately 350 employees at its Rockport Works operation. The contract, effective from October 1, 2021 to September 30, 2024, emphasizes the company’s commitment to good-paying jobs and a strong partnership with labor unions. CEO Lourenco Goncalves highlighted the importance of the union workforce in American manufacturing and expressed confidence that the agreement will maintain competitive cost structures in flat-rolled steel while ensuring equitable terms for both parties.

Positive

• Ratification of a three-year labor contract indicates stability at the Rockport Works operation.
• The new contract reinforces Cleveland-Cliffs' commitment to maintaining competitive cost structures in flat-rolled steel.

Negative

• None.

CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) announced today that its employees represented by the United Auto Workers (UAW) Local 3044 have ratified a three-year labor contract for its Rockport Works operation. The new contract is effective from October 1, 2021 through September 30, 2024. The new contract will cover approximately 350 UAW-represented workers at Rockport.

Lourenco Goncalves, Chairman, President and CEO, stated, “Our union workforce is at the core of not just what we do but American manufacturing as a whole, and we are pleased to continue our commitment to good-paying middle class jobs with a new labor agreement at Rockport. Our local team at Rockport is committed to the long-term health and success of our Company, our country, and our environment, and as such, we were able to get a deal done that is fair and equitable for both sides.” Mr. Goncalves added, “We embrace our Unions as partners and allow for participation in our success. Our partnership is a powerful one, and with this latest deal, we will maintain our competitive cost structure in flat-rolled steel relative to any of our peers.”

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 and direct reduced iron to primary steelmaking and downstream finishing, stamping, tooling, and tubing. The Company serves a diverse range of markets due to its comprehensive offering of flat-rolled steel products and is the largest supplier of steel to the automotive industry in North America. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 25,000 people across its mining, steel and downstream manufacturing operations in the United States and Canada. For more information, visit www.clevelandcliffs.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211004005873/en/

MEDIA CONTACT:

Patricia Persico

Director, Corporate Communications

(216) 694-5316

INVESTOR CONTACT:

James Kerr

Manager, Investor Relations

(216) 694-7719

 

Source: Cleveland-Cliffs Inc.

FAQ

What is the duration of the new labor contract for Cleveland-Cliffs employees?

The new labor contract for Cleveland-Cliffs employees is effective from October 1, 2021, through September 30, 2024.

How many employees does the new labor contract cover at Cleveland-Cliffs?

The new labor contract covers approximately 350 employees represented by UAW Local 3044 at the Rockport Works operation.

What company announced the labor contract ratification?

Cleveland-Cliffs Inc. announced the labor contract ratification.

What is the stock symbol for Cleveland-Cliffs?

The stock symbol for Cleveland-Cliffs is CLF.

Who is the CEO of Cleveland-Cliffs?

The CEO of Cleveland-Cliffs is Lourenco Goncalves.