Cleveland-Cliffs and United Steelworkers Agree On New Labor Agreement

  • Cleveland-Cliffs Inc CLF announced that its new labor agreement with the United Steelworkers (USW) had 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 2026.
  • U.S. Steel has offered union-represented workers raises that are less than what Cliffs’ workers will receive, but U.S. Steel has said its workers will be able to earn more than Cliffs’ employees from a profit-sharing program, Wall Street Journal reported.
  • Cleveland-Cliffs and United Steelworkers agreed to a 20% increase in hourly wages over the life of the newly ratified contract. 
  • But the union and the United States Steel Corporation X remain at odds over a similar wage increase that the union is seeking. 
  • The companies’ old contracts with the United Steelworkers union expired on September 1.
  • Price Action: CLF shares are up 0.07% at $15.21 during the premarket session on the last check Thursday.
  • Photo via Pixabay
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