Cleveland-Cliffs’ New Labor Contract with the United Steelworkers Ratified for its Mining and Pelletizing Operations

Rhea-AI Summary

Cleveland-Cliffs Inc. (NYSE: CLF) announced the ratification of new 47-month labor agreements by employees represented by the United Steelworkers (USW) at its Tilden and Empire mines in Michigan, as well as United Taconite and Hibbing Taconite mines in Minnesota. Effective October 1, 2022, these agreements cover approximately 2,000 USW-represented employees. CEO Lourenco Goncalves expressed satisfaction with the agreements, highlighting their fairness and benefits for employees and the company.

Positive

• Ratified 47-month labor agreements enhance workforce stability.
• Agreements cover approximately 2,000 employees, promoting employee satisfaction.
• CEO's remarks indicate a positive outlook for Cleveland-Cliffs in the iron and steel sector.

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• None.

CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) announced today that its employees represented by the United Steelworkers (USW) at its Tilden and Empire mines in Michigan, and its United Taconite and Hibbing Taconite mines in Minnesota ratified new 47-month labor agreements at those locations. The agreements are effective on October 1, 2022, and cover approximately 2,000 USW-represented employees at Cleveland-Cliffs Mining and Pelletizing locations in Northern Minnesota and in the Michigan Upper Peninsula.

Lourenco Goncalves, Chairman, President and CEO said, “We are pleased to reach new labor agreements that are fair, equitable and beneficial for our employees, their families and the company. With a strong and loyal workforce, we are confident that Cleveland-Cliffs will continue to be the benchmark in the iron and steel industry. We thank all the members of the USW and Cliffs negotiating teams for their dedication to reach these agreements.”

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/20220930005412/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 labor agreements were ratified by Cleveland-Cliffs employees?

Employees represented by the United Steelworkers ratified new 47-month labor agreements at Tilden, Empire, United Taconite, and Hibbing Taconite mines.

What is the significance of the labor agreements for Cleveland-Cliffs?

The agreements promote workforce stability and employee satisfaction, which can positively influence operational efficiency.

When do the new labor agreements take effect for Cleveland-Cliffs?

The new labor agreements take effect on October 1, 2022.

How many employees are covered under the new labor agreements at Cleveland-Cliffs?

The agreements cover approximately 2,000 USW-represented employees.