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 […]
Cleveland Cliffs reported consolidated revenues of $714 million for the second quarter of 2018. Revenues jumped 52 percent from first quarter revenue of $471 million. Net income for the quarter was $165 million, which included a $64 million loss from discontinued operations, primarily associated with the sale of the company’s Asia Pacific Iron Ore assets. Adjusted […]
Cleveland Cliffs broke ground on its new $700 million hot-briquetted iron facility in Toledo, Ohio, on Thursday. “Today we are launching a new era for the iron and steel industry in the United States,” said CEO Lourenco Goncalves. “For several decades, Cleveland-Cliffs has been supplying the American steelmakers in the Great Lakes with customized pellets […]
“The trend is our friend,” said Lourenco Goncalves, the chief executive of Cleveland-Cliffs, Inc., pointing to the growth of electric arc furnace (EAF) steelmaking around the world. Cliffs is on track for commercial production of hot briquetted iron (HBI) by mid-2020 at its facility under construction in Toledo, Ohio, he told executives at S&P Global […]
Cleveland Cliffs has acquired 553 acres and the lease to 3,215 additional acres from Glacier Park Iron Ore Properties, LLC. The real estate includes mineral and surface leases in the Biwabik Iron Formation. The iron ore reserves are west of Nashwauk and were formerly leased by Essar Steel Minnesota, now called Mesabi Metallics. “We are […]
Cliffs Natural Resources, in celebration of 170 years in business, has returned to its historical name Cleveland-Cliffs Inc. “The historical name Cleveland-Cliffs is synonymous with our strong heritage and is the perfect one for our next era of growth,” said Chairman, President and CEO Lourenco Goncalves. “As we did more than 60 years ago, when […]
Cliffs Natural Resources, in celebration of 170 years in business, has returned to its historical name Cleveland-Cliffs Inc. “The historical name Cleveland-Cliffs is synonymous with our strong heritage and is the perfect one for our next era of growth,” said Chairman, President and CEO Lourenco Goncalves. “As we did more than 60 years ago, when […]