We are the United Steelworkers, North America’s largest industrial union. We’re 1.2 million members and retirees strong in the United States, Canada and the Caribbean. We proudly represent men and women who work in nearly every industry there is.
NO PROFIT SHARING FOR THE 4th QUARTER 2020 Dave McCall is in the process of scheduling a call next week with the Cliffs Controller and Rob Fisher (LR) to discuss and understand the calculations. After the call, Dave plans to set up a call with us Local Presidents to talk about the results. I'll keep you all posted.
The 9/1/18 United Steelworkers Basic Labor Agreement (BLA) provides for a profit-sharing pool of 7.5% of the company’s profits, defined as Earnings Before Interest and Taxes (EBIT). The company reported an unaudited Adjusted EBIT of $(245,034,761.37). As a result, there is no profit sharing for 4th Quarter.
PEP payments since 9/1/12 are $29,360,000. This is in excess of the $26,500,000 pre-existing pool which was funded by the 2012 Basic Labor Agreement by $2,860,000 of which $0 is being deducted for Q4 2020. The excess of $2,860,000 will roll forward and may accumulate as future deductions from any existing profit-sharing pool.
