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Latest News:
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Mesabi Trust Declares Distribution
Apr. 14, 2011 - The Trustees of Mesabi Trust have declared a distribution of five cents per Unit of Beneficial Interest payable on May 20, 2011 to Mesabi Trust unitholders of record at the close of business on April 30, 2011.
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Cliffs Wins Approval for Consolidated Thompson Acquisition
Apr. 14, 2011 - The Minister of Industry has approved Cliffs Natural Resources’ proposed acquisition of Consolidated Thompson Iron Mines Limited, under the Investment Canada Act, on the basis that the transaction is likely to be a net benefit to Canada.
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Cliffs Enters Agreement to Acquire Consolidated Thompson Iron Mines
Jan. 12, 2011 - Cliffs Natural Resources has entered into a definitive arrangement agreement to acquire all of Consolidated Thompson Iron Mines Ltd.'s common shares in an all-cash transaction valued at approximately $4.9 billion Canadian dollars (including net debt), or C$17.25 per share.
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Essar Steel Algoma to Make True-Up Payment for Iron Ore
Jan. 6, 2011 - Essar Steel Algoma is making a US $129 Million true-up payment to its iron ore supplier. The amount represents the difference between amounts invoiced in 2010 and the amounts due under the recent arbitration award with respect to a pricing dispute.
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Essar Steel Algoma to Vacate Arbitration Decision with Cliffs
Dec. 20, 2010 - An Arbitration Panel has decided in favor of Cliffs Mining Co. regarding an iron ore pricing dispute between Essar Steel Algoma and Cleveland Cliffs. Essar Steel Algoma intends to file a court application to vacate the award on the basis that the Arbitration Panel exceeded its jurisdiction.
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Cliffs Ranks in Top 100 for Sustainability
Nov. 3, 2010 - Cliffs Natural Resources Inc. was named to the Global 1000 Sustainable Performance Leaders, achieving an overall ranking of 97 among other publicly traded global companies. It also ranked fourth among the 64 companies recognized in the Metals and Mining category.
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Cliffs Updates Full-Year 2010 North American Coal Outlook
Sep. 14, 2010 - Cliffs Natural Resources Inc. is updating its full-year 2010 North American Coal outlook to include its recent acquisition of INR Energy’s coal operations and to adjust the production outlook for its legacy coal operations in West Virginia and Alabama.
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Cliffs Closes Acquisition of INR Energy’s Coal Operations
Aug. 3, 2010 - Cliffs Natural Resources Inc. has closed on its previously announced acquisition of INR Energy, LLC’s coal operations in southern West Virginia. The transaction will increase Cliffs’ global coal production capacity to more than 9 million tons in 2011.
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Cliffs Named to Bloomberg Businessweek’s 50 Top Performers List
Jun. 29, 2010 - Cliffs Natural Resources is ninth on Bloomberg Businessweek’s inaugural “50 Top Performers” list, which ranks U.S. corporations with the highest total returns for shareholders in the Standard & Poor’s 500 stock index over the past five years.
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Cliffs Reviews Options Regarding Proposed KWG Takeover
Jun. 8, 2010 - Cliffs Natural Resources Inc. continues to review its options with respect to making a formal offer for the common shares of KWG Resources Inc. Cliffs may not make such an offer due to KWG’s recent disclosure that it has entered into a binding letter agreement to merge with Spider Resources Inc.
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Essar Steel Algoma Takes Action against Cliffs
Jun. 1, 2010 - Essar Steel Algoma has commenced arbitration proceedings against Cleveland-Cliffs Iron Co. and some of its affiliates to resolve a pricing dispute and to ensure its supply of iron ore pellets pending a resolution.
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Cliffs Proposes Transactions to Acquire KWG, Spider
May 26, 2010 - Cliffs Natural Resources Inc. intends to make take-over bids pursuant to which it or an affiliate would acquire all of the common shares of KWG Resources Inc. and/or Spider Resources Inc. not owned by Cliffs or its affiliates.
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Cliffs Appoints New Vice President
Apr. 26, 2010 - Cliffs Natural Resources Inc. has appointed William J. McFadden as a Vice President, Commercial – North American Iron Ore, for Cliffs Sales Co., effective April 26. He is responsible for iron ore sales and marketing.
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Cliffs Names New Executive Vice President
Apr. 14, 2010 - Cliffs Natural Resources Inc. has appointed P. Kelly Tompkins as Executive Vice President – Legal, Government Affairs and Sustainability, which is a newly created role. He will officially join Cliffs on May 3, 2010.
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Cliffs Elects New Board Member
Mar. 11, 2010 - Cliffs Natural Resources Inc.’s Board of Directors has elected James F. Kirsch as a director. Kirsch also currently serves as Chairman, President, and Chief Executive Officer of Ferro Corp.
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Cliffs Reports Fourth-Quarter, Full-Year Results
Feb. 19, 2010 - Cliffs Natural Resources Inc. reported full-year revenues of $2.34 billion for the period ended Dec. 31, 2009, a decrease of 35% from the previous year. Consolidated fourth-quarter revenues were $820.5 million, a decrease of 10% compared to the same quarter last year.
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Cliffs Added to S&P 500 Index
Dec. 15, 2009 - Standard & Poor’s will add Cliffs Natural Resources Inc.’s shares to the S&P 500 Index effective December 18 after the market closes. Cliffs also will be added to the S&P 500 GICS Steel Sub-Industry index.
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Cliffs Amends Definitive Agreement to Acquire Freewest
Dec. 7, 2009 - Cliffs Natural Resources has amended the terms of the previously disclosed definitive agreement to acquire Freewest Resources Canada Inc. Under the terms of the amended agreement, each Freewest shareholder will now receive CAD$0.90 per share of fixed consideration exclusively in the form of Cliffs common stock.
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Cliffs to Acquire Chromite Deposits from Freewest
Nov. 27, 2009 - Cliffs Natural Resources Inc. has entered into a definitive agreement to acquire the “Ring of Fire” chromite properties of Freewest Resources Canada Inc. The transaction is expected to close in the first quarter of 2010.
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Mesabi Trust Declares No Distribution
Jul. 20, 2009 - Trustees of the Mesabi Trust have decided to not distribute any royalty income for the quarter ended July 31, 2009, due in part to a significant decrease in iron ore shipments combined with the extended shutdown of mining operations at Northshore Mining Co.
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Cliffs Launches New Initiatives to Enhance Financial Flexibility
May 13, 2009 - Cliffs Natural Resources announces several proactive initiatives designed to enhance financial flexibility, including a public offering of common shares, a reduction in the quarterly dividend, and compensation reductions across the organization.
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Mesabi Trust Declares Distribution
Apr. 17, 2009 - Trustees of the Mesabi Trust declare a distribution of thirty-eight cents per Unit of Beneficial Interest, which compares to a distribution of twelve cents per Unit for the same period last year.
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Cliffs Natural Resources Provides WARN Notices
Nov. 10, 2008 - Cliffs Natural Resources’ North America business unit initiates WARN Act notification to local officials and the United Steelworkers at its Empire and Tilden mines in Michigan and the Hibbing Taconite and United Taconite mines in Minnesota.
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Cliffs Reports Record 3rd-Quarter, Nine-Month Results
Oct. 30, 2008 - Cliffs Natural Resources reports net earnings of $175 million on quarterly record consolidated revenues of $1.2 billion for the third quarter, and net income of $462 million on record revenues of $2.7 billion for the nine-month period ended Sept. 30, 2008.
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Cliffs to Idle Three Iron Ore Pellet Furnaces
Oct. 29, 2008 - Cliffs Natural Resources is initiating production curtailments on two small pellet furnaces at Northshore Mining and on a small pellet furnace at United Taconite, two of the company’s six North American iron ore mines.
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Cliffs Updates 2008 Full-Year Outlook
Oct. 24, 2008 - Cliffs Natural Resources updates its 2008 full-year outlook in conjunction with a definitive joint proxy statement/prospectus for the company’s proposed merger with Alpha Natural Resources.
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Cleveland-Cliffs Adopts Shareholder Rights Plan
Oct. 15, 2008 - Cleveland-Cliffs directors adopt a shareholder rights plan intended to protect the company and its shareholders from potentially coercive takeover practices or takeover bids.
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Cliffs Shareholders Reject Harbinger’s Control Share Acquisition Proposal
Oct. 6, 2008 - Cleveland-Cliffs says that it appears that approximately 80% of shares voted by holders other than Harbinger Capital Partners, its equity-swap counter parties or other ‘interested’ shareholders voted AGAINST the proposed control share acquisition during the recent special meeting of shareholders.
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Cleveland-Cliffs Announces Convertibility of Preferred Stock
Oct. 1, 2008 - Cleveland-Cliffs fulfills the trading price condition for the conversion right of its 3.25% redeemable cumulative convertible perpetual preferred stock, with the result that preferred stock may be surrendered for conversion at any time during the fiscal fourth quarter ending Dec. 31, 2008.
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Cleveland-Cliffs Reports Record Second-Quarter Results
Aug. 1, 2008 - Cleveland-Cliffs reports net earnings of $270 million on consolidated revenues of $1 billion for the second quarter, and net income of $287 million on revenues of $1.5 billion for the six months ended June 30, 2008.
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Mesabi Trust Declares Distribution
Jul. 21, 2008 - Trustees of Mesabi Trust declare a distribution of one dollar per Unit of Beneficial Interest for the second quarter, which compares to a distribution of thirty-one cents per Unit for the same period last year.
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Cleveland-Cliffs and Alpha Natural Resources to Merge
Jul. 17, 2008 - Cleveland-Cliffs and Alpha Natural Resources announce a definitive merger agreement in which Cleveland-Cliffs will acquire all outstanding shares of Alpha in a cash and stock transaction valued at approximately $10 billion.
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Cliffs Updates 2008 Guidance, Comments on 2009 Pricing
Jul. 9, 2008 - Cleveland-Cliffs updates its 2008 iron ore revenue and cost-per-ton guidance for both the Asia-Pacific and North American segments, and comments on expected pricing for its North American Iron Ore segment for 2009.
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Cleveland-Cliffs Announces Convertibility of Preferred Stock
Jul. 1, 2008 - Cleveland-Cliffs fulfills the trading price condition for the conversion right of its 3.25% redeemable cumulative convertible perpetual preferred stock, with the result that preferred stock may be surrendered for conversion at any time during the fiscal third quarter ending Sept. 30, 2008.
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Mesabi Trust Declares Distribution
Apr. 14, 2008 - Trustees of Mesabi Trust declare a distribution of twelve cents per Unit of Beneficial Interest payable on May 20, 2008, which compares to a distribution of four and one-half cents per Unit for the same period last year.
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Cliffs Declares Force Majeure on Coal Shipments from Pinnacle
Apr. 3, 2008 - Cliffs North American Coal declares force majeure on coal shipments from its Pinnacle Mine, as the longwall plow is currently mining through a sandstone intrusion into the coal seam, causing coal production to slow down significantly.
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Cleveland-Cliffs Announces Convertibility of Preferred Stock
Apr. 1, 2008 - Cleveland-Cliffs fulfils the trading price condition for the conversion right of its 3.25% redeemable cumulative convertible perpetual preferred stock, with the result that preferred stock may be surrendered for conversion at any time during the fiscal second quarter ending June 30, 2008.
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ArcelorMittal Dofasco Clarifies Position on Wabush Mines Sale
Mar. 5, 2008 - ArcelorMittal Dofasco expresses ‘strong exception’ to news releases issued by U.S. Steel Canada and Cleveland-Cliffs regarding their desire to withdraw from the sale of their respective interests in the Wabush Mines joint venture.
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Cleveland-Cliffs Reports Year-End 2007 Results
Feb. 26, 2008 - Cleveland-Cliffs reports net income of $93.7 million on consolidated revenues of $782.5 million for the fourth quarter, and net income of $270.0 million on record revenues of $2.28 billion for the full year ended December 31, 2007.
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Mesabi Trust Declares Distribution
Jan. 14, 2008 - Trustees of Mesabi Trust have declared a distribution of fifty-one and one-half cents per Unit of Beneficial Interest payable on February 20, 2008, a twenty cents per Unit increase compared to the year-ago quarter.
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Steel Dynamics Completes Purchase of Minnesota Iron Mine
Dec. 4, 2007 - Steel Dynamics completes its purchase of a shuttered Hoyt Lakes, Minn., taconite mine from Cleveland Cliffs where it will invest $165 million so it can mine and concentrate iron ore for its Mesabi Nugget venture with Kobe Steel.
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Cleveland-Cliffs Shuffles PinnOak Management
Nov. 7, 2007 - Cleveland-Cliffs announces the promotion of two executives—and departure of the PinnOak President— as part of the company’s ongoing integration of the recently acquired PinnOak Resources.
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Cleveland-Cliffs Reports 3rd-Quarter Results
Nov. 5, 2007 - Cleveland-Cliffs reports net income of $56.9 million on consolidated revenues of $619.6 million for the third quarter, and net income of $176.3 million on consolidated revenues of $1492.7 million for the nine months ended Sept. 30, 2007.
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Mesabi Trust Declares Distribution
Oct. 16, 2007 - Trustees of Mesabi Trust declare a distribution of forty-eight cents per Unit of Beneficial Interest, which compares to a distribution of fifty-eight and one-half cents per Unit for the same period last year.
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Cleveland-Cliffs Expands Finance Group
Oct. 16, 2007 - Cleveland-Cliffs announces changes in its Finance Group, including the appointments of Terrance M. Paradie as Vice President, Corporate Controller, and Kathleen L. Bardwell as Vice President, Internal Audit.
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ArcelorMittal Confirms Acquisition of Wabush Mines
Sep. 6, 2007 - ArcelorMittal announces that it will exercise its Dofasco subsidiary’s option to acquire the remaining shares of iron ore and pellet producer Wabush Mines from Stelco and Cleveland Cliffs.
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Cleveland Cliffs Reports 2nd Quarter Results
Jul. 30, 2007 - Cleveland-Cliffs reports net income of $86.9 million on record revenues from iron ore product sales and services of $547.6 million for the second quarter, and net income of $119.4 million on record revenues of $873.1 million for the six months ended June 30, 2007.
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Mesabi Trust Declares Distribution
Jul. 16, 2007 - Trustees of Mesabi Trust declare a distribution of thirty-one cents per Unit of Beneficial Interest, which compares to a distribution of forty cents ($0.40) per Unit for the same period last year.
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Cleveland-Cliffs to License Kobe Steel’s Iron Nugget Technology
Jun. 20, 2007 - Under a new alliance, Kobe Steel will license its patented ITmk3 iron-making process to Cleveland-Cliffs for use in the U.S., Canada, Australia, and Brazil. The two companies are also planning to build a joint-venture iron nugget facility.
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Cleveland-Cliffs, Stelco Agree to Sell Wabush Interest
Jun. 7, 2007 - Cleveland-Cliffs and Stelco have entered an agreement to sell their 26.8% interest and 44.6% interest, respectively, in the Wabush Mines joint venture to Consolidated Thompson Iron Mines for $64.3 million cash, 3.0 million warrants of common shares, and Consolidated’s assumption of ongoing employee and asset retirement obligations.
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Cleveland Cliffs Expects Ore Price Increases
Jun. 27, 2006 - June 27, 2006 — Cleveland-Cliffs Inc. expects recent price settlements and other contract adjustments to increase prices for all of its 2006 iron ore sales.
Based on curr
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Mesabi Trust Declares Distribution
Apr. 19, 2006 - April 19, 2006 — Trustees of the Mesabi Trust declared a distribution of $0.30 per Unit of Beneficial Interest payable on May 20, 2006 to Mesabi Trust unitholders of record at th
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Cliffs Recognizes Top Suppliers
Oct. 21, 2005 - Cleveland-Cliffs Inc. recently announced the companies selected for its Supplier Excellence Award. The nine companies selected are participants in Cliffs' Alliance Suppliers Program. Top suppliers were honored for their high-quality products, excellent service, competitive pricing and ongoing commitment to provide value to Cliffs-managed mines.
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Cleveland-Cliffs Increases Interest in Portman to 73%
Apr. 6, 2005 - Cleveland-Cliffs Inc.’s Cleveland-Cliffs Australia Pty Limited subsidiary has extended its offer for all of the shares in Portman Limited by two weeks. The deadline is now Tuesday, April 19, 2005 at 7:00 p.m. (Perth time).
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Northshore Mine Receives Cliffs Mine Safety Award
Mar. 24, 2005 - Cleveland-Cliffs Inc. announced that its Northshore Mining Co., Silver Bay, Minn., is once again the recipient of Cliffs' President's Award for Safety. The award is presented annually to the Cliffs mine with the best safety performance, as measured by the frequency rate for Mine Safety and Health Administration (MSHA) reportable injuries.
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Cleveland-Cliffs Increases Interest in Portman
Mar. 22, 2005 - Cleveland-Cliffs Inc has acquired a total relevant interest in approximately 48.4 million Portman shares, representing approximately 27.6% of Portman's issued share capital as of Monday morning. The offer for Portman was due to close at 7:00 p.m. (Perth time), which is 6:00 a.m. (New York time) on March 22, 2005.
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Cliffs Tender Offer for Portman Limited is Final
Mar. 2, 2005 - Cleveland-Cliffs has declared that its increased offer under the takeover bid for Portman Limited is final and the offer price will not be further increased. The increase, announced on February 25, 2005, had raised the offer price from A$3.40 to A$3.85 cash for each Portman share. Under Australian law this declaration means that Cleveland-Cliffs will not be able to further increase its offer price under any circumstances.
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Cliffs Could Soon Declare Portman Takeover Offer Unconditional
Feb. 18, 2005 - Cleveland-Cliffs Inc. announced that its offer to acquire all of the shares in Portman Limited, made through its wholly owned subsidiary Cleveland-Cliffs Australia Pty Limited, will be declared free of all conditions if its relevant interest in Portman shares exceeds 51% (by number) by 5:00 p.m. (Sydney time) on Tuesday, March 1, 2005. The company also stated that it was extending the offer period under the offer to 7:00 p.m. (Perth time) on Friday, March 11, 2005 (unless further extended or withdrawn).
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Cleveland-Cliffs Reports Record Results for 2004
Feb. 17, 2005 - Cleveland-Cliffs Inc. reported record fourth-quarter net income of $203.3 million and record net income of $323.6 million for the year 2004. All common shares and per-share amounts have been adjusted retroactively to reflect the December 2004 two-for-one stock split, and all diluted per-share amounts reflect the potential dilutive effect of the Company's convertible preferred stock.
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Cliffs Commences Tender Offer for Portman Limited
Jan. 12, 2005 - Cleveland-Cliffs Inc. announced commencement of a negotiated A$3.40 per share all-cash tender offer for all outstanding shares issued by Portman Limited. If the tender offer is fully subscribed, the net acquisition price would total approximately US$465 million (at an exchange rate of A$1 = US$0.77) and would be financed with existing cash and new borrowings of $100 million.
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Cleveland-Cliffs Announces Convertibility of Preferred Stock
Jan. 3, 2005 - Holders of Cleveland-Cliffs Inc.’s 3.25% redeemable cumulative convertible perpetual preferred stock may surrender stock for conversion at any time during the fiscal quarter ending March 31, 2005, thanks to satisfaction of a condition to the conversion right. The condition was satisfied because the closing share price of Cleveland-Cliffs' common shares exceeded 110% of the then-applicable conversion price of the preferred stock for at least 20 of the last 30 trading days of the fiscal quarter ended December 31, 2004.
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Cleveland-Cliffs Amends ISG Pellet Contract
Dec. 31, 2004 - Cleveland-Cliffs Inc. has entered into an amendment to its major Pellet Sale and Purchase Agreement with International Steel Group Inc., for pellet deliveries to ISG Cleveland and ISG Indiana Harbor through 2016.
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Cliffs Announces New Officers
Nov. 16, 2004 - Cleveland-Cliffs Inc. announced the election of George W. Hawk as General Counsel and Secretary, and Dana W. Byrne as Vice President—Public Affairs.
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Cleveland-Cliffs Announces Two-for-One Stock Split
Nov. 10, 2004 - Cleveland-Cliffs Inc.’s Board of Directors has approved a two-for-one stock split as well as the reinstatement of a quarterly cash dividend payment to holders of its common shares. A scheduled dividend payment on the company's 3.25% Redeemable Cumulative Convertible Perpetual Preferred Stock was also authorized.
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Cliffs Announces Management Changes
Oct. 12, 2004 - Cleveland-Cliffs Inc. announced that Edward C. Dowling Jr., Executive Vice President—Operations, has elected to resign to accept a senior executive position with a major global mining company. Mr. Dowling joined Cleveland-Cliffs in April 1998 as Senior Vice President—Operations and made numerous contributions during his tenure with the company.
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Cliffs Announces Labor Agreement at Wabush Mines
Oct. 12, 2004 - Cleveland-Cliffs Inc. announced that contract settlements have been reached and ratified by the United Steelworkers Union, representing approximately 575 hourly employees at Wabush Mines in Canada.
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Talks Back on at Wabush Mines
Oct. 1, 2004 - Striking steelworkers will be back at the bargaining table Friday with Wabush Mines in an attempt to reach a settlement for 300 members of Steelworkers Local 6285. The workers have been on strike since July 5.
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Cliffs' Board Approves Restart of Idle Pellet Capacity
Sep. 15, 2004 - Cleveland-Cliffs Inc. announced that its Board of Directors has approved capital expenditures for major capacity expansion projects planned at its United Taconite Mine in Eveleth, Minn., and Northshore Mine in Silver Bay, Minn.
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Mesabi Nugget Successfully Concludes Pilot Plant Phase
Sep. 10, 2004 - Larry Lehtinen, President of Mesabi Nugget, LLC (MNC) announced the successful conclusion of the pilot plant testing phase of the Mesabi Nugget Project. The announcement culminates twelve months of engineering and construction followed by fourteen months of plant operations. The company will now proceed forward with commercialization of the Kobe Steel ITmk3 Process® and the iron nugget technology.
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Cleveland-Cliffs Announces Ratification of Contracts
Aug. 24, 2004 - United Steelworker-represented employees at the Empire and Tilden Mines in Michigan, and Hibbing Taconite and United Taconite Mines in Minnesota, have ratified new four-year labor agreements. Cleveland-Cliffs manages and holds substantial equity positions in all four mines.
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Cliffs Announces Tentative Labor Agreement
Jul. 29, 2004 - Cleveland-Cliffs Inc. has reached tentative contract settlements with the United Steelworkers Union, representing approximately 2000 hourly employees at its four managed iron ore mines in Minnesota and Michigan.
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Cleveland-Cliffs Reports Record 2nd Quarter Results
Jul. 29, 2004 - Cleveland-Cliffs Inc reported net income of $32.8 million on total revenues of 305.6 million in the second quarter and net income of $32.8 million on total revenues of 546.4 million for the first six months of 2004.
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ISG Completes Purchase of HBI Facility in Trinidad and Tobago
Jul. 28, 2004 - International Steel Group Inc. has completed the purchase of substantially all of the assets of the Cliffs and Associates Limited (CAL) Circored® Hot Briquetted Iron (HBI) facility located in Trinidad and Tobago, for a purchase price of $8 million in cash, plus assumed liabilities. CAL may receive up to $10 million in future payments contingent upon production and shipments.
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Mesabi Trust Declares Distribution
Jul. 20, 2004 - Trustees of Mesabi Trust declared a distribution of $0.175 per Unit of Beneficial Interest payable on August 20, 2004 to Mesabi Trust unitholders of record at the close of business on July 30, 2004. This compares to $0.07 per Unit for the same period last year.
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Cleveland-Cliffs and USWA Renew Negotiations
Jul. 20, 2004 - Cleveland-Cliffs Inc. is returning to the bargaining table with the United Steelworkers of America (USWA). The parties will work toward the goal of achieving a labor agreement by July 31 that will ensure the long-term competitiveness of the company while giving employees significant wage increases.
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Cleveland-Cliffs Reports Progress in USWA Labor Talks
Jun. 22, 2004 - Cleveland-Cliffs Inc. reported that negotiators for the company and the United Steelworkers of America have made progress toward a new, competitive labor agreement but additional bargaining would be required to resolve a number of complex issues.
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