Cleveland-Cliffs receives assignment of right to bid from U.S. Steelworkers

Cleveland-Cliffs (CLF) announced receipt of the assignment of the United Steelworkers’, or USW, right to bid under their Basic Labor Agreement with United States Steel Corporation (X). With this exclusive assignment, Cliffs is the only realistic buyer able to acquire the totality of U.S. Steel. Furthermore, Cliffs has agreed to assume, upon closing of a transaction, all of the agreements between U.S. Steel and the USW that are applicable to the U.S. Steel employees. Under the terms of the USW’s collective bargaining agreement with U.S. Steel, a potential sale of the whole company or USW-represented assets could not be consummated without the support of the USW. The assignment transfers to Cliffs the USW’s right to bid on such potential transactions. The USW’s transfer and assignment only applies to Cliffs.