Steel Products Prices North America
Cleveland Cliffs Sells APIO Business
Written by Sandy Williams
June 11, 2018
Cleveland Cliffs will no longer have a stake in Australian iron ore mining. The company announced on Tuesday that it will sell all of the assets of its Asia Pacific Iron Ore business to Australian mining company Mineral Resources Limited. The sale continues Cliffs’ strategy to concentrate on assets in the United States.
The transaction will reduce Cleveland Cliffs’ previously disclosed closing costs of the Australian operations by $65 million to $75 million. The deal is expected to be final by the end of second-quarter 2018.
“The sale of these assets to Mineral Resources marks Cliffs’ exit from the Australian iron ore business and represents the final step in the implementation of our U.S. iron ore-centric strategy,” said Chairman and CEO Lourenco Goncalves. “We are pleased to have reached agreement on a transaction that not only brings real value to Cliffs’ shareholders, but also represents the potential for continued job opportunities for employees in Western Australia who would be impacted by the pending closure of the Koolyanobbing complex.”
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Products Prices North America
Market says cutting interest rates will spur stalled domestic plate demand
Market sources say demand for domestic plate refuses to budge despite stagnating prices.
SMU Price Ranges: Some predict bottom is near as big discounts dry up
Sheet prices were mixed this week as some mills continued to offer significant discounts to larger buyers while others have shifted toward being more disciplined, market participants said.
SMU Price Ranges: Tags mixed as uncertainty weighs on market
SMU’s hot-rolled (HR) coil price held steady this week while prices for other sheet and plate products declined.
Nucor spot HR list price unchanged at $875/ton
Nucor kept its weekly list price for hot-rolled (HR) coil unchanged this week, following a price bump of $10 per short ton (st) last week.
SMU price ranges: Flat-rolled balloon continues to leak
Sheet and plate prices were flat or lower again this week on continued concerns about demand and higher production rates among US mills.