Cliffs Natural Resources CLF CLF announced today a tentative agreement with the United
Steelworkers Union for a new three-year labor contract offer that will cover
approximately 300 represented workers at Cliffs' Bloom Lake mine in Fermont,
Quebec.
The agreement is pending ratification by United Steelworkers local union
memberships, no additional details will be released at this time.
About Cliffs Natural Resources Inc.
Cliffs Natural Resources Inc. is an international mining and natural resources
company. A member of the S&P 500 Index, the Company is a major global iron ore
producer and a significant producer of high- and low-volatile metallurgical
coal. Cliffs' strategy is to continually achieve greater scale and
diversification in the mining industry through a focus on serving the world's
largest and fastest growing steel markets. Driven by the core values of
social, environmental and capital stewardship, Cliffs associates across the
globe endeavor to provide all stakeholders operating and financial
transparency.
The Company is organized through a global commercial group responsible for
sales and delivery of Cliffs' products and a global operations group
responsible for the production of the minerals the Company markets. Cliffs
operates iron ore and coal mines in North America and an iron ore mining
complex in Western Australia. In addition, Cliffs has a major chromite
project, in the feasibility stage of development, located in Ontario, Canada.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the
federal securities laws. Although the Company believes that its
forward-looking statements are based on reasonable assumptions, such
statements are subject to risks and uncertainties relating to Cliffs'
operations and business environment that are difficult to predict and may be
beyond Cliffs' control. Such uncertainties and factors may cause actual
results to differ materially from those expressed or implied by
forward-looking statements for a variety of reasons including without
limitation: the uncertainty or weakness in global economic and/or market
conditions including downward pressure on prices and reduced market demand;
trends affecting our financial condition, results of operations or future
prospects, particularly any slowing of the economic growth rate in China for
an extended period; the ability to successfully integrate acquired companies
and achieve post-acquisition synergies, including without limitation,
Consolidated Thompson; the ability to reach agreement with our iron ore
customers regarding modifications to sales contract pricing escalation
provisions; the outcome of any contractual disputes with our customers, joint
venture partners or significant energy, materials or services providers, or
any other litigation or arbitration; changes in sales volume or mix; the
impact of price-adjustment factors on our sales contracts; our ability to
successfully identify and consummate any strategic investments; unanticipated
downturns in business relationships with customers or their purchases from us;
events or circumstances that could impair or adversely impact the viability of
a mine and the carrying value of associated assets; the results of
pre-feasibility and feasibility studies in relation to projects; impacts of
increasing governmental regulation and related costs, including failure to
receive or maintain required environmental permits, approvals, modifications
or other authorization of, or from, any governmental or regulatory entity; the
ability to achieve planned production rates or levels; our actual economic ore
reserves or reductions in current resource estimates; adverse changes in
currency values, currency exchange rates, interest rates and tax laws; the
ability to maintain adequate liquidity and successfully implement our
financing plans; our ability to maintain appropriate relations with unions and
employees and renew expiring collective bargaining agreements on satisfactory
terms; availability of capital equipment and component parts; the amount and
timing of any insurance recovery proceeds with respect to Oak Grove Mine;
risks related to international operations; potential existence of significant
deficiencies or material weakness in our internal control over financial
reporting; and problems or uncertainties with productivity, third-party
contractors, unanticipated geological conditions, weather conditions, natural
disasters, tons mined, changes in cost factors, the supply or price of energy,
equipment failures, transportation, mine-closure obligations and employee
benefit costs and other risks of the mining industry; and other factors and
risks that are set forth in the Company's most recently filed reports with the
Securities and Exchange Commission. The information contained herein speaks as
of the date of this release and may be superseded by subsequent events. Except
as may be required by applicable securities laws, we do not undertake any
obligation to revise or update any forward-looking statements contained in
this release.
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