NEW YORK (TheStreet) -- Shares of Cliffs Natural Resources (CLF) - Get Report were slumping 5.56% to $5.95 mid-Thursday afternoon after the United Steelworkers union ratified a new labor contract for Cliffs' workers at several mines in Michigan and Minnesota, according to a company statement.
The contract covers 2,000 union workers in total. The unionized employees work at the Tilden and Empire mines in Michigan, and the United Taconite and Hibbing Taconite mines in Minnesota.
The new contract will be retroactively effective from October 1, 2015 and span until September 30, 2017.
Cliffs Natural Resources is a Cleveland-based mining and natural resources company supplying iron ore pellets to the U.S. steel industry.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "hold" with a ratings score of C-.
The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income and poor profit margins.
You can view the full analysis from the report here: CLF