This Morning in Metals: Cleveland-Cliffs, Rockport Works employees ratify three-year labor deal
This morning in metals news: Cleveland-Cliffs and workers at its Rockport Works have agreed on a new three-year labor deal; the U.S. goods and services deficit increased in August; and, lastly, Rio Tinto reached a new collective labor agreement with workers at its BC Works.
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Cleveland-Cliffs, Rockport workers reach three-year labor deal
Cleveland-Cliffs and the United Auto Workers union, which represents workers at the Rockport Works operation in Indiana, agreed to a new three-year labor deal.
The new contract went into effect Oct. 1, 2021. Furthermore, the new deal includes 350 workers at the Rockport facility.
According to information on the company’s website, the facility has an 80-inch wide galvanizing line, which it says is the widest in the U.S.
US trade deficit rises in August
The U.S. goods and services deficit reached $73.3 billion in August, the Bureau of Economic Analysis reported.
The August total marked an increase from the $70.3 billion deficit in July.
Meanwhile, for the year to date, the deficit increased $140.8 billion, or 33.7%, compared with the same period in 2020. Exports increased by 17.5%. However, imports increased by 21.2%.
Rio Tinto, BC Works employees reach labor deal
Lastly, after announcing an agreement in principle late last month, Rio Tinto said it had reached a collective labor agreement for its BC Works operation.
The agreement covers workers at the Kitimat smelter and the Kemano hydropower facility.
“Over the next few days, Rio Tinto BC Works management will initiate the return to work process for employees, followed by the progressive restart of the smelter’s production cells,” the company said.
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