In an announcement, the union said members approved the new contract on a 10-to-1 margin.

"In 2015, these workers saw that the industry was struggling and agreed to make sacrifices so that this company could make it through the tough times," said United Steelworkers International President Leo W. Gerard. "Cliffs clearly recognized that, and we look forward to building on our relationship in the coming years."

The agreement is retroactive to 1 October and expires 30 September 2022. The new contract covers approximately 1,800 employees at Cliffs’ Tilden and Empire mines in Michigan and its United Taconite and Hibbing Taconite mines in Minnesota.

According to the union, the agreement includes wage increases in each year of the contract, maintains health benefits and strengthens retirement benefits.   

United Steelworkers District 11 Director Emil Ramirez, chairman of the union's bargaining committee, said the contract is fair to both sides. 

"This contract puts the company in a position to succeed and ensures that the workforce will be able to share in that success."

Cleveland-Cliffs chairman and chief executive Lourenco Goncalves echoed those comments. 

“We are pleased to reach a new labor contract that is fair and equitable to both parties and provides Cliffs a competitive cost structure for future success. This agreement once again reinforces that we have more in common with the United Steelworkers than we have differences, and we look forward to continuing our strong partnership,” he said.