Steel Products
Cleveland Cliffs to Close Australian Business
Written by Sandy Williams
April 10, 2018
Cleveland Cliffs says it will exit its Australian iron ore operations by June 30, 2018. The company said in an April 6 SEC filing that increasingly discounted prices for lower-iron-content ore, the quality of the remaining iron ore reserves at APIO, and the lack of a legitimate offer from a qualified buyer, were factors in the decision.
Cliffs estimates total closing costs will be in the range of $140 million to $170 million exclusive of any proceeds received from sale of the assets.
The closure was expected at some point in 2018. CEO Lourenco Goncalves said during the last earnings conference call that the mining operations at Asia Pacific Iron Ore would occur when the mine was no longer profitable. The timing of the closure follows the March expiration of supply agreements with customers in China and Japan.
More details will be forthcoming during the first-quarter earnings call scheduled for April 20.
{loadposition reserved_message}
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Products
Data centers drive construction growth in April: Dodge
The index has fluctuated since reaching a record high in January to kickstart the year.
Asian HR still much cheaper than US and EU material
Domestic hot-rolled (HR) coil prices moved lower this week, now down six of the last seven weeks. Recent price erosion has been seen in offshore markets, keeping the price gap between imports and domestic products largely flat week on week (w/w).
Domestic steel shipments rise in March: AISI
US steel shipments increased both sequentially and on-year in March, according to the latest data from the American Iron and Steel Institute (AISI).
SMU Steel Summit 2025: It’s coming at you fast!
Before you know it, we’ll all be singing those famous words made popular by Alice Cooper back in ’79 – “school’s out for summer!” But it’s not “all the girls and boys making that noise,” it’s the growing buzz around SMU’s Steel Summit 2025! So, while August might seem like a long way off, we’ve […]
Rig counts trend lower in US and Canada
Oil and gas drilling activity eased in both the US and Canada this week, according to Baker Hughes. US rig counts remain near multi-year lows, and Canadian activity continues its seasonal slowdown.