Cleveland-Cliffs Inc. (the “Company”), ArcelorMittal and U.S. Steel are owners of a joint venture, Hibbing Taconite Company (“Hibbing”). On August 12, 2019, Cliffs Mining Company, a subsidiary of the Company, ceased performing manager duties at Hibbing and transitioned those duties to ArcelorMittal. In connection with this transition, Cliffs Mining Company and ArcelorMittal entered into a Transition Agreement dated as of August 12, 2019 (the “Agreement”), pursuant to which a pension plan previously sponsored by a member of the Company controlled group (identified below) is now sponsored by ArcelorMittal. The plan thus experienced a change in contributing sponsor or controlled group, which is a “reportable event” pursuant to section 4043(c) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), requiring notice to the Pension Benefit Guaranty Corporation (“PBGC”). As permitted by applicable regulations of the PBGC, the Company is filing this Current Report on Form 8-K in order to satisfy the public company notice waiver with respect to the reportable event. Pursuant to PBGC guidance, set forth below is the information required by the PBGC in order to satisfy the public company notice waiver.
The Ore Mining Companies Pension Plan (the “Plan”) is a defined benefit pension plan that is subject to Title IV of ERISA. In connection with the transfer of manager duties at Hibbing, employees previously employed by Cliffs Mining Company concluded their employment and became employed by an ArcelorMittal controlled group entity. Pursuant to the Agreement, effective August 12, 2019, Cliffs Mining Company ceased to be the Plan sponsor. ArcelorMittal Hibbing Management LLC assumed sponsorship of the Plan, and the Plan's name changed to the ArcelorMittal Hibbing Management Company Pension Plan.
Pursuant to applicable regulations of the PBGC, this transition constituted a change in contributing sponsor or controlled group with respect to the Plan, which is a reportable event under section 4043 of ERISA.
The following plans are defined benefit pension plans subject to Title IV of ERISA that are also sponsored by a member of the Company controlled group of corporations: Pension Plan for Employees of Cleveland‑Cliffs Inc. and Its Associated Employers (EIN: 34-1464672, Plan Number 003); and Pension Plan for Hourly Employees of The Cleveland‑Cliffs Iron Company and Its Associated Employers (EIN: 34-0677332, Plan Number 004).
Upon the effective date of the Agreement, the Plan is now sponsored by a member of the ArcelorMittal controlled group of corporations and ceased to be a plan of a member of the Company controlled group of corporations. The following plans are defined benefit pension plans subject to Title IV of ERISA that are also sponsored by a member of the ArcelorMittal controlled group of corporations: ArcelorMittal USA LLC Pension Plan (EIN 71-0871875, Plan Number 009); ArcelorMittal USA LLC EGL Cleveland Pension Plan (EIN 71-0871875, Plan Number 004); Retiree Pension Plan (EIN 71-0871875, Plan Number 010); Columbus Coatings Company Pension Plan (EIN 01-0807137, Plan Number 004); ArcelorMittal Ferndale Inc. Pension Plan and Trust - Local 771 (EIN 38-2958341, Plan Number 004); and Pension Plan for Miami Hourly Employees (EIN 98-0467860, Plan Number 002).