Cliffs Natural Resources (CLF), Steelworkers Enter Three-Year Labor Contract for Michigan and Minnesota Mining Operations

August 26, 2016 12:46 PM EDT

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Cliffs Natural Resources Inc. (NYSE: CLF) announced a tentative agreement with the United Steelworkers (USW), on a new 3-year labor contract that is effective as of October 1, 2015. The new contract will cover approximately 2,000 USW-represented workers at Cliffs' Tilden and Empire mines in Michigan, and its United Taconite and Hibbing Taconite mines in Minnesota.

Lourenco Goncalves, Chairman, President and CEO, stated, "We are pleased to reach a new labor contract that is fair and equitable to both parties, and provides Cliffs a competitive cost structure for future success. This agreement once again reinforces that we have more in common with the USW than we have differences, and we look forward to continuing our strong partnership."

The agreement is pending ratification by USW local union memberships. No additional details will be released at this time pending ratification.

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