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CLEVELAND, Sept. 9, 2022–(BUSINESS WIRE)–Cleveland-Cliffs Inc. (NYSE: CLF) announced that it has reached a mandatory agreement with the United Steelworkers (USW) on a new 47-month employment contract for its former mining and pelletizing operations. The contract will go into effect on October 1, 2022 and will protect approximately 2000 workers represented through USW at its mining and pelletizing sites in northern Minnesota and Michigan’s Upper Peninsula.
With the successful conclusion of the timing and the final component of this negotiation with the USW, the company has now entered into two interim multi-year execution agreements covering approximately 14,000 workers represented through the USW, more than a portion of its overall workforce.
Lourenco Goncalves, President and Chief Executive Officer, said, “The conclusion of a momentary agreement in less than two weeks reaffirms our grand partnership with USW. It also confirms once again that we are very familiar with our daily work as a supplier. selection for consumers in critical sectors, such as the military and automotive. We have now demonstrated twice why Cleveland-Cliffs does things and how we act: we negotiate respectfully and privately. long-term competitiveness, and we look to the future to continue our shared good fortune with our USW partners. “
Each agreement is now awaiting ratification through MEMBERS of THE USW premises. No additional main points will be provided through the Company prior to ratification.
About Cleveland Cliffs Inc.
Cleveland-Cliffs is the largest manufacturer of flat rolled metal in North America. Founded in 1847 as a mining operator, Cliffs is also the largest manufacturer of iron ore granules in North America. iron and scrap down to metal number one and finishing, stamping, tools and back tubes. . Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately another 27,000 people in its operations in the United States and Canada.
Forward-Looking Statements
This news release comprises emails that constitute “forward-looking emails” within the meaning of the federal securities laws. All data other than past facts, which aggregates, without limitation, data relating to our existing expectations, estimates and projections relating to our industry or business, is forward-looking data. Investors are cautioned that any forward-looking statements are subject to threats and doubts that could cause actual effects and long-term trends to differ slightly from the themes expressed or implied through such forward-looking statements. Investors are cautioned not to place undue reliance on forward-looking forecasts. Among the threats and doubts that may also cause actual effects to differ from those described in the forward-looking statements are: continued volatility in market position fees for metal, iron ore and scrap, which has a direct and oblique in on the rates of the products that we sell to our consumers; concerns related to the highly competitive and cyclical metal industry and our reliance on metal demands of the automotive industry, which has experienced a trend of shortages and supply chain disruptions, such as semiconductor shortages, which can also result in a decrease in the volumes of metal being consumed; potential weaknesses and uncertainties in global economic conditions, global metals overcapacity, excess iron ore supply, predominance of metal imports and declining market position position demand, adding due to the COVID-19 pandemic extended, conflicts or others; serious monetary difficulties, bankruptcy, transitory or permanent closures or situations of operational requirement, due to the ongoing COVID-19 pandemic or for any other cause, of one or more of our primary consumers, adding consumers of automotive market position, suppliers or key subcontractors, which, among other adverse effects, may also result in lower demand for our products, greater difficulty in collecting accounts receivable, and consumers and/or suppliers having force majeure or other reasons for not complying with their contractual obligations to us; disruptions to our operations similar to the current COVID-19 pandemic, adding the heightened threat that a significant portion of our on-site staff or contractors will become ill or unable to carry out their general duties; similar threats to U. S. government motions related to Section 232 of the Trade Expansion Act of 1962 (as amended by the Trade Act of 1974), the United States-Mexico-Canada Agreement, and/or other agreements, tariffs, treaties or industrial policies, as well as the doubt of downloading and maintaining effective antidumping and countervailing orders to deal with the negative effects of unfairly industrialized imports; have an effect on existing and expanding government regulation, adding prospective environmental regulations related to climate replenishment and carbon emissions, and similar fees and liabilities, adding failure to obtain or possess permits, approvals, adjustments, or other authorizations operational and environmental requirements of, or any government or regulatory authority and relevant tariffs with the implementation of innovations to guarantee compliance with regulatory adjustments, adding any need for monetary guarantee; potential environmental effects or exposure to hazardous ingredients resulting from our operations; Our ability to maintain sufficiently good liquidity, our leverage point, and the availability of capital may also restrict our monetary flexibility and the cash flows necessary to fund working capital, planned capital expenditures, acquisitions, and other general business objectives or our ongoing business needs; our ability to reduce our indebtedness or return capital to shareholders within the timeframes currently anticipated or not at all; adverse adjustments to credit ratings, interest rates, exposure rates and tax laws; final results and fees incurred in connection with any lawsuit, claim, arbitration, or governmental proceeding relating to publicity and advertising disputes, environmental issues, government investigations, occupational or non-public injury claims, asset damage, hard work issues, and employment or lawsuits involving transfers of inheritance and other matters; questionable loading or availability of critical production equipment and spare parts; supply chain disruptions or adjustments to the load, quality or availability of energy sources, adding electricity, herbal fuel and diesel fuel, or uncooked critical materials and supplies, adding iron ore, advertising fuels, electrodes of graphite, scrap, chrome, zinc, coke and metallurgical coal; material disruptions or disruptions with the shipment of products to our consumers, the movement of production inputs or products internally between our facilities, or suppliers shipping raw fabrics to us; concerns related to natural or man-made disasters, adverse weather conditions, unforeseen geological conditions, critical apparatus failures, infectious disease outbreaks, tailings dam failures and other unforeseen occasions; interruptions or disruptions of our computer systems, adding those similar to cybersecurity; liabilities and fees arising from any business resolution of transience or indefinite dormancy or permanent closure of an operating facility or mine, which may also have adverse effects on the price of use of the relevant assets and give rise to impairment fees or closure obligations and recovery, as well as questions related to the restart of any facility or mine that has been inactive in the past; our ability to realize the synergies and benefits expected from our recent acquisition transmotions and effectively integrate the acquired businesses into our existing businesses, adding relevant concerns to maintain customer, supplier and staff relationships and known and unknown responsibilities that we have assumed in connection with acquisitions; our point of self-insurance and our ability to offload enough life insurance to adequately cover potential adverse events and business threats; demanding situations to maintain our social license to work with our stakeholders, adding the effects of our operations on local communities, the reputational effects of operating in a carbon-intensive industry that produces greenhouse gas emissions, and our ability to encourage a consistent operating and protection registry; our ability to effectively identify and complete any strategic investment or progression project, profitably to achieve planned production rates or points, diversify our product line and attract new customers; our actual economic mineral reserves or discounts on estimates of existing mineral reserves, and any default in name or loss of any lease, license, easement or other property right in any mineral asset; the availability of personnel to fill critical operating positions and the possible shortage of hard work caused by the current COVID-19 pandemic, as well as our ability to recruit, hire, expand and retain key personnel; our ability to maintain acceptable working relationships with unions and staff; unforeseen or higher charges related to pension and OPEB obligations resulting from adjustments in the price of plan assets or required contribution increases for unfunded obligations; the amount and timing of any redemption of our non-unusual shares; and any curtain deficiencies or curtain weaknesses in our internal control over monetary reporting.
For points affecting Cliffs’ business, see Part I, Section 1A. Risk factors in our Annual Report on Form 10-K for the year ended December 31, 2021 and the documents filed with the SEC.
See the businesswire. com edition: https://www. businesswire. com/news/home/20220908006164/en/
Contacts
MEDIA CONTACT: Patricia PersicoSeptember Director of Corporate Communications(216) 694-5316
INVESTOR CONTACT: James KerrDirector, Investor Relations(216) 694-7719