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Cleveland-Cliffs steelworkers in Northwest Indiana are taking home profit-sharing bonuses of about $3,500, which is a record for the Burns Harbor steel mill. ....
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Luxembourg, May 6, 2021 - ArcelorMittal (referred to as "ArcelorMittal" or the "Company") (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world's leading integrated steel and mining company ....
Cleveland-Cliffs, United Steel Workers reach tentative labor deal for Mansfield Works CRAIN S CLEVELAND BUSINESS Print Cleveland-Cliffs Inc. (NYSE: CLF) said it has reached a tentative agreement with the United Steelworkers for a new, 53-month labor contract covering about 300 USW-represented workers at the company s Mansfield Works. The agreement is pending ratification by union members and would be effective retroactive to April 1. Cliffs said in a news release that it will not release details of the contract, pending ratification. Lourenco Goncalves, chairman, president and CEO of Cliffs, said in a statement, We are pleased to reach a new labor contract with the USW for our employees at Mansfield Works, one of our several EAF (electric arc furnace) steel mills. He described the agreement as fair and equitable to both parties and said Cliffs sees the USW as a very important partner with a lot more in common with our company than disagreements. ....
Cleveland-Cliffs, one of the Calumet Region s largest industrial employers, forecasts it will pull in about $3.5 billion in earnings before interest, taxes, depreciation and amortization this year if prices hold up. The Cleveland-based steelmaker, which bought ArcelorMittal USA and AK Steel last year, projects it will bring in $500 million in EBITDA in the first quarter and $1.2 billion in EBITDA in the second quarter of 2021. The projections assume hot-rolled coil prices in the United States will continue to average $975 per ton for the rest of the year. Cleveland-Cliffs plans to report its first-quarter earnings on April 22. Last year, the steelmaker pulled in $353 million in EBITDA but posted a loss of $81 million because of $186 million in costs related to acquisition, severance and inventory step-up. It posted a strong fourth quarter in which it completed its acquisition of ArcelorMittal USA, pulling in a profit of $74 million on $286 million in EBITDA. ....