InvestorsHub Logo
Followers 59
Posts 11480
Boards Moderated 0
Alias Born 07/16/2006

Re: DewDiligence post# 29255

Friday, 04/26/2024 6:10:13 PM

Friday, April 26, 2024 6:10:13 PM

Post# of 29304
USW compares tentative Cleveland Cliffs agreement with current US Steel proposal
With two days remaining before the expiration on Thursday, Sept. 1, of the United Steelworkers’
master contract with Cleveland-Cliffs and U.S. Steel Corporation, USW is comparing the
tentative agreement announced by Cliffs over the weekend with U.S. Steel’s current proposal.
According to a statement released today, Tuesday, Aug. 30:
LENGTH OF CONTRACT
CLIFFS: Four years.
USS: Four years.
WAGES
*CLIFFS: 8 percent raise in 2022; then 4 percent, 4 percent, and 4 percent.
*USW: 3 percent raise in 2022; then 2.5 percent, 2.5 percent, and 2.5 percent.
HEALTHCARE
*CLIFFS: No premiums; no network changes; no changes to cost-sharing (such as copay,
deductibles, coinsurance, out-of-pocket maximums); eliminates requirement for spouse to elect
coverage.
*USS: No premiums, as long as USS agrees to the following: change its current PPO Medical
Plan network to the Blue High Performance Network, “which excludes many hospitals, doctors,
and physicians, and eliminates coverage of out-of-network provides (except in emergency)”;
eliminate coverage for high-cost specialty drugs obtained through a physician, clinic, or infusion
center, requiring all such specialty drugs to go through the Accredo Speciality Drug Program,
which decides whether a patient may self-administer or need additional tests; adopt SaveOn drug
program, “reducing plan reimbursement (increasing employee coinsurance) unless employee
enrolls and applies for copay assistance programs through drug manufacturers.”
BONUSES
*CLIFFS: No bonuses. “Instead, it’s reflected in wages that are with you forever and count
toward future earnings.”

*USS: $4,000 appreciation plus $3,000 ratification. “We told USS it can pay the $4,000 in a
signing bonus but we were not agreeing to this as written because USS did nothing for us during
the height of the pandemic, as requested by the union. USS should have appreciated us during
the heart of the pandemic, not when they’re trying to buy the contract.”
HOLIDAY
*CLIFFS: Add Juneteenth.
*USS: No response.
LEAVES OF ABSENCE
*CLIFFS: Two weeks parental leave; paid time off for victims of domestic abuse.
*USS: No response.
CAPITAL INVESTMENT
*CLIFFS: $4 billion.
*USS: $1 billion.
PENSION
*CLIFFS: Defined benefits—Effective 1/1/23, all years of service prior to 1/1/23 will have a
multiplier of $115; effective 1/1/23, all years of service going forward will have a multiplier of
$126. Steelworkers Pension Trust—effective 12/1/22, increase hourly contribution by $0.50.
*USS: No response.
RETIREE HEALTHCARE
*CLIFFS: Post 2016 hires, raise 401(K) contribution from $0.65 to $0.75.
*USS: No response.
PROFIT SHARING
*CLIFFS: Maintain at ArcelorMittal levels.
*USS: Unchanged.
SICKNESS AND ACCIDENT (S&A)
*Cliffs: Unchanged.
*USS: Eliminate automatic “recharge” of eligibility for S&A benefit after an employee returns to
work for 60 days, even if the second disability is unrelated to the prior one or is the result of a
difficult recovery or additional illness/injury.
“Your bargaining committee made it clear to USS that we deserve a fair contract that reflects our
sacrifices,” USW said. “We’ve worked very hard to achieve record profits that have greatly
benefited executives and shareholders. Their proposal needs to reflect our contribution. Keep up
the action. We need everyone’s support as we continue to push for what we deserve.

Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.