Cleveland-Cliffs And United Steelworkers Strike A New Deal: What This Means For Minnesota's Northshore Mine

Cleveland-Cliffs Inc. CLF inked a tentative pact with the United Steelworkers (USW) on a new three-year labor agreement regarding operations at the Northshore Mine in Minnesota.

The agreement covers approximately 430 USW-represented workers at the company's Northshore Mine.

"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," said Lourenco Goncalves, Chairman, President, and CEO.

The company did not reveal further details on the labor agreement pending ratification.

Last October, the company ratified a labor agreement with the USW that covered approximately 12,000 USW-represented employees at 13 operating locations with a 4-year duration.

Also Read: United States Steel Loses Bidder Esmark Amid Pressure From Union Workers

Price Action: CLF shares closed higher by 4.15% at $15.30 on Tuesday.