Cleveland-Cliffs Inc. (NYSE: CLF) announced today that its employees represented by the United Steelworkers (USW) at its Northshore Mining operations in Minnesota ratified a new three-year labor agreement. The agreement covers approximately 430 USW-represented employees at Cleveland-Cliffs Northshore.
When the deal was arrived at in late August, CEO Lourenco Goncalves, stated, “The United Steelworkers have demonstrated their unwavering support of Cleveland-Cliffs throughout the years, and this new labor agreement for Northshore further strengthens our collaborative partnership. We look forward to working together with our new USW partners at Northshore and continuing to build a strong workforce for our present and future competitiveness.”
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.
Cleveland-Cliffs is the largest supplier of steel to the automotive industry in North America and serves a diverse range of other markets due to its 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.
CLF shares fell in price in Friday’s first hour by 18 cents, or 1.3%, to $14.24.