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Press release from CNW Group

Successful conclusion of IOC collective bargaining process

Monday, March 12, 2012

Successful conclusion of IOC collective bargaining process10:33 EDT Monday, March 12, 2012TORONTO, March 12, 2012 /CNW/ - The Iron Ore Company of Canada (IOC) announced (see press release below) that unionized employees ratified IOC's proposal for the renewal of a six-year collective bargaining agreement.Successful Conclusion of the Iron Ore Company of Canada/USW Collective bargaining Process(Canada) Montréal, Sept-Îles, Labrador City, March 9th, 2012 - The Iron Ore Company of Canada is happy to announce that today, Locals 5795 and 6731 in Labrador City ratified IOC's proposal for the renewal of a six-year collective bargaining agreement. Following the positive outcome of their Sept. Iles Local 9344 colleagues vote on March 8th, this vote leads to the successful conclusion of the bargaining process with our unions.The company and the unions have agreed on one of the most competitive contracts in the industry. This agreement will support IOC's future expansion plans, enhance our productivity, reduce our costs and allow us operational flexibility that we need to deliver on critical things.In addition, it will enable us to be competitive, attract the skills that we need, reward our people while retaining the great talents we already have within the business. Thanks to the stability that this six-year agreement allows us, we will invest in the future and continue to progress in improving the business and most importantly, it will help us to deliver on our promise of being an employer of choice, a key element which we continue to work towards each day.IOC is a leading Canadian producer of iron ore concentrate and iron ore pellets serving customers worldwide. The Company operates a mine, concentrator and a pelletizing plant in Labrador City, Newfoundland and Labrador, as well as port facilities located in Sept-Îles, in the Province of Quebec. It also operates a 418-kilometer railroad that links the mine to the port. IOC has 2200 employees and its major shareholder and operator is the international mining group Rio Tinto, which has activities in more than 40 countries throughout the world.For further information: Bruce C. Bone President & Chief Executive Officer (416) 863-7133 E-mail- investor.relations@labradorironore.com