© Reuters. FILE PHOTO: A United Steelworkers sign is seen in front of the U.S. Steel Great Lakes Works plant in Ecorse, Michigan, U.S., September 24, 2019. REUTERS/Rebecca Cook/File Photo
(Reuters) – The United Steelworkers (USW) union and Cleveland-Cliffs (NYSE:) Inc on Wednesday said that 12,000 union-represented employees had ratified a new, four-year labor contract that offers employees better pay and insurance benefits.
USW International President Tom Conway said in a statement that the steel producer’s commitment to partner with USW includes a plan to invest $4 billion in union facilities during the contract term.
Several labor unions have been negotiating for better pay and working conditions in a tight labor market, with President Joe Biden’s administration helping secure a tentative deal between railroads and unions last month that averted a strike. The new Cleveland-Cliffs contract, valid till September 2026, includes a 20% hike in base wages and also offers better insurance benefits for retired workers as well as for those in active duty.
The agreement, which covers 13 locations in Ohio, Pennsylvania, Indiana, Illinois, West Virginia and Minnesota, also includes provisions for increase in pensions and paid parental leave, among other benefits.
Cleveland-Cliffs said negotiations have been concluded, combining Wednesday’s ratification and a previous agreement which covered 2,000 USW-represented employees.
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