Cliffs Natural Resources Inc. Begins Production of New ‘Mustang’ Iron Ore Pellet at its United Taconite Mine
May 16 2017 - 5:31PM
Business Wire
Cliffs Natural Resources Inc. (NYSE: CLF) announced today that
production of the new Mustang superflux pellet has started at its
United Taconite mine. The start up of the new production equipment,
including supporting infrastructure, was flawlessly executed on
schedule, after nine months of construction, as planned, and within
the original total investment budget of $75 million.
Lourenco Goncalves, Chairman, President and Chief Executive
Officer, said, “Building a new facility on budget, without any lost
time accidents, and in only nine months through the Minnesota
winter is no small undertaking, one that only the Cliffs team can
accomplish. As we have done time and time again, Cliffs has
confirmed why we have been in the Iron Range for so many years, and
why we have earned the right to continue to be in the Range for the
years to come.” Goncalves added, “I am also very thankful for the
strong support of the State of Minnesota throughout this project’s
development. As we expand in the Iron Range, we appreciate our
established working relationships with our elected officials and
their on-going support for our business endeavors.”
Cliffs will host a ribbon cutting event for the new facility at
United Taconite on May 30. Invited dignitaries include Governor
Mark Dayton; U.S. Senators Amy Klobuchar and Al Franken; and U.S.
Representative Rick Nolan. To date, Governor Dayton, Senator
Klobuchar and Representative Nolan are confirmed speakers at the
event.
Cliffs invested a total of $75 million in cash to build a new
storage facility, silos, a limestone crusher, conveyors and rail
infrastructure to support the production of the Mustang pellet. The
company broke ground for the project at a ceremony held in August
2016, and the execution of the project included an estimated
200,000 labor hours, which was accomplished without any lost time
accident. Construction jobs created for the Mustang project
included 120 people employed at peak construction, which included
management, craft and labor.
About Cliffs Natural Resources Inc.
Cliffs Natural Resources Inc. is a leading mining and natural
resources company. Founded in 1847, Cliffs Natural Resources Inc.
is recognized as the largest and oldest independent iron ore mining
company in the United States. The Company is a major supplier of
iron ore pellets to the North American steel industry from its
mines and pellet plants located in Michigan and Minnesota. Cliffs
also operates an iron ore mining complex in Western Australia.
Driven by the core values of safety, social, environmental and
capital stewardship, Cliffs' employees endeavor to provide all
stakeholders operating and financial transparency. For more
information, visit http://www.cliffsnaturalresources.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170516006780/en/
Cliffs Natural Resources Inc.MEDIA CONTACT:Patricia
Persico, 216-694-5316Director, Corporate
CommunicationsorINVESTOR CONTACT:Paul Finan,
216-694-6544Director, Investor Relations
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