Cleveland-Cliffs 2nd Quarter Profit Sharing

Profit per ton was $108.43.  The profit sharing pool is determined by 7.5% of Profits between $10 and $50 per ton, and 10% of profits above $50 per ton.   For the 2nd quarter, the Middletown Works share of the profit sharing pool is $4,232,772.  This amount will be divided by all members on the basis of hours worked in the 2nd quarter (with a max of 520 hours).  Hours of S&A leave do not count toward profit sharing hours.  Our estimate for a person receiving the maximum profit sharing is between $2,100 and $2,400 (before taxes and deductions). Per our Collective Bargaining Agreement, profit sharing should be paid within 45 days of the end of the quarter.


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