Cleveland-Cliffs Inc.’s CLF 3-year labor contract with the United Autoworkers (“UAW”) for Dearborn Works operations has been ratified by its employees represented by the UAW Local 600. The contract is effective from Aug 1, 2021 through Jul 31, 2024. The new contract will cover roughly 1000 UAW-represented workers.
The company stated that it embraces its unions as partners, and works with them as equals in achieving common objectives. This latest agreement will enable it to maintain its competitive cost structure in flat-rolled steel compared with any of its peers, union or non-union.
Through this labor agreement at Dearborn, it will continue its commitment toward good-paying middle class union jobs, the company stated.
Shares of Cleveland-Cliffs have skyrocketed 298.3% in a year compared with 25% rise of the industry.
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Cleveland-Cliffs, in its last earnings call, stated that it expects adjusted EBITDA of around $1.8 billion for the third quarter. It also expects free cash flows of $1.4 billion for the quarter. The company also raised its full-year adjusted EBITDA guidance to $5.5 billion. Demand for steel remains solid and the company continues to negotiate its contract businesses with several clients in different sectors, Cleveland-Cliffs noted.
ClevelandCliffs Inc. Price and Consensus
ClevelandCliffs Inc. price-consensus-chart | ClevelandCliffs Inc. Quote
Zacks Rank & Other Key Picks
Cleveland-Cliffs currently flaunts a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks in the basic materials space are Nucor Corporation NUE, Dow Inc. DOW and Cabot Corporation CBT.
Nucor has a projected earnings growth rate of around 455.7% for the current year. The company’s shares have surged 126.3% in a year. It currently flaunts a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Dow has an expected earnings growth rate of around 403.01% for the current year. The company’s shares have gained 38.4% in the past year. It currently carries a Zacks Rank #2 (Buy).
Cabot has an expected earnings growth rate of around 137.5% for the current fiscal. The company’s shares have rallied 36.8% in the past year. It currently holds a Zacks Rank #2.
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