Steel Products Prices North America
Tentative Labor Agreement Reached at Cliffs Natural Resources
Written by Sandy Williams
August 27, 2016
Cliffs Natural Resources announced it had reached a tentative agreement with the United Steelworkers for a new three year contract.
The new agreement would cover 2000 members 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.”
Union members at the mines have been working under terms of the expired contracts since October 1, 2015. The new contract will be retroactive to that date and expire Oct. 1, 2018.
“After more than a year of difficult negotiations, our committee’s hard work and dedication have resulted in a tentative agreement,” said USW International President Leo W. Gerard. “Our members’ and retirees’ strength and solidarity throughout the bargaining process have been rewarded.”
USW District 11 Director Emil Ramirez said the contact “preserves wages, benefits and other longstanding rights and protections without lower the standards of current workers or retirees.”
The USW will discuss terms of the agreement with local districts and begin the ratification process.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Products Prices North America
SMU Price Ranges: HR slips, hopes for Q4 rebound still standing
SMU’s price ranges were mixed again this week as the market continues to seek a floor amid industry hopes for a Q4 rebound.
Nucor’s hot band list price holds at $875/ton
Nucor held its hot-rolled coil list price flat again this week, according to its Monday, Sept. 15 consumer spot price (CSP) notice.
Market says cutting interest rates will spur stalled domestic plate demand
Market sources say demand for domestic plate refuses to budge despite stagnating prices.
SMU Price Ranges: Some predict bottom is near as big discounts dry up
Sheet prices were mixed this week as some mills continued to offer significant discounts to larger buyers while others have shifted toward being more disciplined, market participants said.
SMU Price Ranges: Tags mixed as uncertainty weighs on market
SMU’s hot-rolled (HR) coil price held steady this week while prices for other sheet and plate products declined.