Cleveland-Cliffs recently announced that the United Steelworkers (USW), the union representing the company’s employees, have ratified a new three-year labor contract. This agreement covers over 400 employees working at Cleveland-Cliffs’ Northshore Mining operations in Minnesota.
The newly ratified contract brings several benefits for the workers. It includes a lump-sum bonus, annual wage increases, and enhanced job security protections. Additionally, there are improvements in occupational health and safety standards. The USW also highlighted that the contract offers top-tier health insurance coverage without any monthly premiums. The employees will continue to enjoy defined benefit pensions, and the existing 401(k) plan with company-matching contributions will be maintained.
The agreement is applicable to approximately 430 workers engaged in various tasks such as taconite mining in Babbitt, Minnesota, iron ore pellet production in Silver Bay, Minnesota, and transportation of products and tailings.
It is important to note that Cleveland-Cliffs is currently pursuing a takeover of its rival company, U.S. Steel. The USW has shown support for Cleveland-Cliffs’ offer, which led to Esmark, another bidder, withdrawing its offer.
