Integrated steelmaker Cleveland-Cliffs has reached a tentative four-year agreement with its union-represented workforce, ahead of the current contract's 1 September expiration.
The steelmaker and the United Steelworkers (USW) union announced the deal on 27 August.
The contract, if approved, would cover 12,000 employees across the steelmaking assets Cleveland-Cliffs acquired in its purchase of ArcelorMittal USA and would include the Minorca iron ore mine in Minnesota.
USW also is in negotiations with integrated steelmaker US Steel over contracts that also expire on 1 September.
As part of the four-year agreement, Cleveland-Cliffs agreed to invest $4bn into USW-represented facilities.
Cleveland-Cliffs' chief executive Lourenco Goncalves has previously said he would not make any "mega investments" like his competitors until at least 2025.
The USW negotiating committee will take the tentative agreement to individual plants to begin the ratification process.
