Cliffs Natural Resources Inc. Announces Successful Resolution of Arbitration with Essar Steel Algoma, Inc.
Friday, December 17, 2021 7:23 PM

Related Stories



    <<
    >>

CLEVELAND, Dec. 17, 2010 /CNW/ -- Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) today announced that the Company was successful in its previously disclosed arbitration with Essar Steel Algoma, Inc. In a binding decision by the American Arbitration Association, an arbitration panel redefined world prices for blast furnace pellets, a factor used in determining annual price increases or decreases under Cliffs' supply agreement with Essar Steel Algoma. This redefinition currently entitles Cliffs to use an increase in excess of 95% over 2009 prices for seaborne blast furnace pellets in the supply agreement's pricing formula. With today's final award, Cliffs anticipates collecting a cash payment in the near term from Essar Steel Algoma for the portion of revenue from 2010 pellet sales that were disputed in the arbitration.

    <<
    (Logo: http://photos.prnewswire.com/prnh/20101104/CLIFFSLOGO )
    >>

To be added to Cliffs Natural Resources' e-mail distribution list, please click on the link below:

    <<
    http://www.cpg-llc.com/clearsite/clf/emailoptin.html
    About Cliffs Natural Resources Inc.
    >>

Cliffs Natural Resources Inc. is an international mining and natural resources company. A member of the S&P 500 Index, we are the largest producer of iron ore pellets in North America, a major supplier of direct-shipping lump and fines iron ore out of Australia and a significant producer of high and low volatile metallurgical coal. With core values of environmental and capital stewardship, our colleagues across the globe endeavor to provide all stakeholders operating and financial transparency as embodied in the Global Reporting Initiative (GRI) framework. Our Company is organized through three geographic business units:

The North American business unit is comprised of six iron ore mines owned or managed in Michigan, Minnesota and Canada and six coal mines located in West Virginia and Alabama. The Asia Pacific business unit is comprised of two iron ore mining complexes in Western Australia and a 45% economic interest in a coking and thermal coal mine in Queensland, Australia. The Latin American business unit includes a 30% interest in the Amapa Project, an iron ore project in the state of Amapa in Brazil.

Other projects under development include a biomass production plant in Michigan and Ring of Fire chromite properties in Ontario, Canada. Over recent years, Cliffs has been executing a strategy designed to achieve scale in the mining industry and focused on serving the world's largest and fastest growing steel markets.

    <<
    >>

News releases and other information on the Company are available on the Internet at:

    <<
    http://www.cliffsnaturalresources.com or
    www.cliffsnaturalresources.com/Investors/Pages/default.aspx?b=1041&1=1
    >>

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995

This news release contains predictive statements that are intended to be made as "forward-looking" within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. Although the Company believes that its forward-looking statements are based on reasonable assumptions, such statements are subject to risk and uncertainties.

Actual results may differ materially from such statements for a variety of reasons; availability of capital equipment and component parts; availability of float capacity; ability to maintain adequate liquidity and our ability to access capital markets; changes in the financial condition of our partners and/or customers; rejection of major contracts and/or venture agreements by customers and/or participants under provisions of the U.S. Bankruptcy Code or similar statutes in other countries; events or circumstances that could impair or adversely impact the viability of a mine and the carrying value of associated assets; inability to achieve expected production levels; reductions in current resource estimates; impacts of increasing governmental regulation including failure to receive or maintain required environmental permits; problems with productivity, third party contractors, labor disputes, weather conditions, fluctuations in ore grade, tons mined, changes in cost factors including energy costs, transportation, mine closure obligations and employee benefit costs; the ability to identify, acquire and integrate strategic acquisition candidates; risks associated with operations in multiple countries and the effect of these various risks on our future cash flows, debt levels, liquidity and financial position.

Reference is also made to the detailed explanation of the many factors and risks that may cause such predictive statements to turn out differently, set forth in the Company's Annual Report and Reports on Form 10-K, Form 10-Q and previous news releases filed with the Securities and Exchange Commission, which are publicly available on Cliffs Natural Resources' website. The information contained in this document speaks as of the date of this news release and may be superseded by subsequent events.

    <<
    >>

Steve Baisden, Sr. Director, Investor Relations and Communications, +1-216-694-5280; Jessica Moran, Manager, Investor Relations, +1-216-694-6532; Patricia Persico, Sr. Manager, Media Relations and Marketing Communications , +1-216-694-5316 Web Site: http://www.cliffsnaturalresources.com

(Source: CNW )
(Source: Quotemedia)
 

Sponsors

Symbol :

Advertisement

Market news:

  • US lawmakers may vote on Armenian genocide measure Dec 18, 2021 06:06 AM

    • WASHINGTON - The House may vote next week on a measure that could damage U.S. relations with critical ally Turkey: a resolution declaring the World War I-era killings of Armenians a genocide.
    • House Democratic leaders had long set aside consideration of the draft resolution, and the measure was expected to expire as a new Republican-led House takes office next month.
    • House aides, speaking on condition of anonymity because they were not authorized to comment, said Friday that Democratic leaders have been discussing a possible vote with lawmakers.
      • Senate nears repeal of military's curbs on gays Dec 18, 2021 06:06 AM

        • WASHINGTON - Congress is close to ending the ban on gays serving openly in the military, with the Senate ready for a landmark vote that could deliver a major victory to the gay community, liberals and President Barack Obama.
        • Senators planned a procedural vote Saturday on a bill ending the Pentagon's "don't ask, don't tell" policy as lawmakers held an unusual weekend session in their race to finish the year's legislative business.
        • If at least 60 senators vote to advance the bill as expected, the repeal, which passed the House this week, could win final passage by late afternoon.
          • Paris Vogue editor to leave after 10-year tenure Dec 18, 2021 06:06 AM

            • PARIS - Paris Vogue says its editor-in-chief, Carine Roitfeld, has decided to leave after a 10-year tenure in which the French fashion monthly became "a worldwide reference and indispensable magazine."
            • The magazine says on its Web site that Roitfeld's years as the top editor were marked by "constant growth" both in terms of circulation and advertising.
            • Xavier Romatet, the head of Conde Nast France, the French arm of the U.S. publishing house, said he "of course" regrets Roitfeld's decision to leave "even if I understand it."
              • Mexico outraged by killing of anti-crime crusader Dec 18, 2021 06:06 AM

                • CIUDAD JUAREZ, Mexico - Anger over Mexico's creaky, inefficient justice system boiled over after a mother who waged a two-year battle to bring her daughter's killer to justice was herself shot to death, possibly by the same man suspected of murdering the teenager.
                • Escobedo was taken by ambulance to a hospital, where she died within minutes.
                • On Friday, a group of demonstrators gathered outside the Interior Department in Mexico City to protest the killing, briefly scuffling with police while chanting "Not one more death!"
                  • Congress rushes to finish bills before holidays Dec 18, 2021 06:06 AM

                    • WASHINGTON - Rushing to finish by Christmas, congressional Democrats worked Friday to secure Senate ratification of a new arms control treaty and to end the military's ban on openly gay service members as they neared the end of two tumultuous years of single-party government.
                    • Legislation to keep the federal government running until mid- to late February was also on the agenda, a matter for negotiations with emboldened Republicans who will take control of the House and add to their numbers in the Senate come January.
                    • He was looking for several more on his wish list - the arms control treaty and repeal of the military gay ban - to close out a politically tough year.

                      More news


Advertisement

    Recent Estimates

AnalystFirm NameSymbolEPS Estimate
jomariXXXXX CVG$0.31
XXXXXXXXXX RIMM$1.64
XXXXXXXXXX CRM$0.19
GEOXXXXX PAY$0.30
mrbilltraderXXXXX POT$1.59
XXXXXXXXXX OVTI$0.43
sam farahanXXXXX TECD$0.95
XXXXXXXXXX GSS$0.05
XXXXXXXXXX ABB$0.31
adfgafg ERTS$0.48