Posted at: 10/10/2012 5:24 PM
Updated at: 10/10/2012 10:28 PM
By: Renee Passal
There is a three year, tentative labor agreement for steelworkers at Hibbing Taconite and United Taconite.
Negotiations with owner Cliffs Natural Resources resumed Monday in Duluth.
The agreement was reached around 4:45pm on Wednesday afternoon, according to the union.
According to the steelworkers, the new contract is 37 months, and expires October 1, 2015. It includes:
1) $3,000 signing bonus
2) Raises in September 2013 and September 2014
3) Bonuses in January 2014 and January 2015
4) Profit sharing raise of $1
5) Better dental and vision
The old contract expired September 1, 2012, but the unions and the company agreed to keep working under the terms of that contract.
Cliffs released a statement saying, "We are pleased to reach a new tentative labor contract that is fair and equitable to both parties, and provides Cliffs a competitive cost structure for future success."
The agreement covers about 2,400 workers in Minnesota and Michigan.
Hibtac's union posted that there will be informational meetings coming up next week, to share the details with the members.
The deal will be up for a vote before its final.
US Steel has a new labor contract ratified. ArcelorMittal will be counting the ratification votes next week in Pittsburgh.