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Cleveland-Cliffs (CLF) Signs Tentative Labor Agreement With USW
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Cleveland-Cliffs Inc. (CLF - Free Report) inked a tentative deal on a new three-year labor agreement with the United Steelworkers (“USW”). The new agreement will cover about 430 USW-represented workers at Cliffs' Northshore Mine in Minnesota. The agreement is awaiting approval from the USW local union membership.
The company noted that this new labor agreement for Northshore further boosts its collaborative partnership with the USW. It looks forward to working with new USW partners at Northshore as it continues to build a strong workforce for its present and future competitiveness.
Shares of CLF have lost 13.1% over the past year against the 0.4% rise of its industry.
Image Source: Zacks Investment Research
On Aug 18, Cleveland-Cliffs, announced that it had been granted the exclusive right by the USW to bid under its Basic Labor Agreement with United States Steel Corporation (X - Free Report) . This assignment positions Cleveland-Cliffs as the sole viable purchaser with the capability to acquire the entirety of U.S. Steel. Moreover, CLF has committed that upon the successful completion of the transaction, it will undertake all the obligations outlined in the agreements between U.S. Steel and the USW that pertain to U.S. Steel employees.
In accordance with the collective bargaining agreement with USW, any potential sale of the entire company or assets represented by USW requires USW's support. Through this assignment, the USW's authority to bid on such prospective transactions has been transferred to CLF. The transfer and assignment of USW's rights are exclusively applicable to Cleveland-Cliffs.
Earlier, U.S. Steel's board had declined a proposal from Cleveland-Cliffs for the acquisition. The board cited several grounds for its decision, including Cleveland-Cliffs’ refusal to sign a non-disclosure agreement.
Some better-ranked stocks in the basic materials space include Carpenter Technology Corporation (CRS - Free Report) and PPG Industries (PPG - Free Report)
Carpenter Technology currently sports a Zacks Rank #1 (Strong Buy). CRS shares have rallied roughly 74.8% in the past year. The company beat the Zacks Consensus Estimate in three of the last four quarters, while meeting once. It delivered a trailing four-quarter earnings surprise of 9.8%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
PPG currently carries a Zacks Rank #2 (Buy). PPG shares have gained roughly 10.3% in the past year. The company beat the Zacks Consensus Estimate in three of the last four quarters, while meeting once. It delivered a trailing four-quarter earnings surprise of 7.25%, on average.
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Cleveland-Cliffs (CLF) Signs Tentative Labor Agreement With USW
Cleveland-Cliffs Inc. (CLF - Free Report) inked a tentative deal on a new three-year labor agreement with the United Steelworkers (“USW”). The new agreement will cover about 430 USW-represented workers at Cliffs' Northshore Mine in Minnesota. The agreement is awaiting approval from the USW local union membership.
The company noted that this new labor agreement for Northshore further boosts its collaborative partnership with the USW. It looks forward to working with new USW partners at Northshore as it continues to build a strong workforce for its present and future competitiveness.
Shares of CLF have lost 13.1% over the past year against the 0.4% rise of its industry.
Image Source: Zacks Investment Research
On Aug 18, Cleveland-Cliffs, announced that it had been granted the exclusive right by the USW to bid under its Basic Labor Agreement with United States Steel Corporation (X - Free Report) . This assignment positions Cleveland-Cliffs as the sole viable purchaser with the capability to acquire the entirety of U.S. Steel. Moreover, CLF has committed that upon the successful completion of the transaction, it will undertake all the obligations outlined in the agreements between U.S. Steel and the USW that pertain to U.S. Steel employees.
In accordance with the collective bargaining agreement with USW, any potential sale of the entire company or assets represented by USW requires USW's support. Through this assignment, the USW's authority to bid on such prospective transactions has been transferred to CLF. The transfer and assignment of USW's rights are exclusively applicable to Cleveland-Cliffs.
Earlier, U.S. Steel's board had declined a proposal from Cleveland-Cliffs for the acquisition. The board cited several grounds for its decision, including Cleveland-Cliffs’ refusal to sign a non-disclosure agreement.
Cleveland-Cliffs Inc. Price and Consensus
Cleveland-Cliffs Inc. price-consensus-chart | Cleveland-Cliffs Inc. Quote
Zacks Rank & Key Picks
CLF currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space include Carpenter Technology Corporation (CRS - Free Report) and PPG Industries (PPG - Free Report)
Carpenter Technology currently sports a Zacks Rank #1 (Strong Buy). CRS shares have rallied roughly 74.8% in the past year. The company beat the Zacks Consensus Estimate in three of the last four quarters, while meeting once. It delivered a trailing four-quarter earnings surprise of 9.8%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
PPG currently carries a Zacks Rank #2 (Buy). PPG shares have gained roughly 10.3% in the past year. The company beat the Zacks Consensus Estimate in three of the last four quarters, while meeting once. It delivered a trailing four-quarter earnings surprise of 7.25%, on average.