Cleveland-Cliffs (NYSE:CLF) has come to an agreement with the United Steelworkers Union (USW) and ratified a new 4-year labor agreement. Cleveland-Cliffs, Inc. is a vertically-integrated steel and iron ore mining company. The stock is rising in pre-market trading.
Per the terms of the deal, workers will now get 20% higher basic wages. Furthermore, CLF intends to invest $4 billion in its steelmaking facilities. The agreement covers 12,000 employees at 13 locations.
On top of the pay raise and the incremental investments, CLF will also provide insurance benefits for active and retired workers, higher pension benefits, and better provisions for vacations.
Is CLF Stock a Buy Or Sell?
On TipRanks, analysts are both cautious and optimistic about the stock and have a Moderate Buy consensus rating, which is based on six Buys, two Holds, and one Sell. Cleveland-Cliffs stock’s average price forecast of $22.44 implies 47.63% upside potential.
Interestingly, TipRanks’ data shows that corporate insider sentiment is positive on the stock as they have bought Cleveland-Cliffs stock worth $226.7K.
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