NEW YORK — Cliffs Natural Resources Inc. and its unionized workers remain in talks aimed at establishing a new labor contract ahead of the current contract’s expiration this Friday, the company said Tuesday.

"As we negotiate, Cliffs must keep in mind the current economic environment, which has softened considerably in the past 12 months," a spokeswoman for the Cleveland-based company told AMM in an e-mail. "We have done well over the past several years, and the company is sharing that success with our employees through profit sharing. Our employees are well compensated, comparing favorably to wages and benefits in other industries such as the auto industry and other manufacturing sectors."

A spokesman for the United Steelworkers union didn’t respond to a request for comment.