CLEVELAND - Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) announced today a short-term extension of its labor contract with the United Steelworkers (USW) since both parties have not reached a new agreement.
The parties have agreed that the Union will not strike and the Company will not lock out until 48 hours after providing written notice to the other party of their intent to be released from this no strike/no lockout commitment.
The contract extension covers approximately 2,400 USW-represented workers at Cliffs' Empire and Tilden mines in Michigan, and its United Taconite and Hibbing Taconite mines in Minnesota.
The extension will keep the mines operating while negotiations continue.
The Company began this round of collective bargaining with the United Steelworkers in early May with the objective of reaching a new labor agreement.
Cliffs stated that the Company remains committed to the negotiation process and intends to reach a fair and equitable agreement.