Steel Products Prices North America
Cleveland-Cliffs’ Nashwauk Acquisition Upheld in Court Ruling
Written by Sandy Williams
July 23, 2018
Cleveland-Cliffs Inc. announced on Monday that the United States Bankruptcy Court for the District of Delaware reaffirmed the company’s 2017 acquisition of land located in Nashwauk, MN. The ruling resolved the land dispute in favor of Cliffs and Glacier Park Iron Ore Properties LLC (“GPIOP”). Cliffs hopes to develop a financially stable plan for the site now that the land dispute is settled.
In his ruling, Judge Brendan Shannon also determined that Mesabi Metallics LLC’s lease rights terminated on Oct. 31, 2017, when it failed to exit bankruptcy by such date. The properties acquired by Cliffs include parcels that were previously leased by GPIOP to Mesabi Metallics, formerly known as Essar Steel Minnesota.
The land interests include a combination of undivided and whole fee interests, as well as mineral and surface leases, all lying within the Biwabik Iron Formation. The acreage acquired is approximately 553 acres and the acreage being leased is approximately 3,215 acres.
Sandy Williams
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