Cleveland-Cliffs Reaches Agreement for State of Minnesota Iron Ore Mineral Leases at Nashwauk
May 04 2023 - 2:53PM
Business Wire
Cleveland-Cliffs Inc. (NYSE: CLF) issued a statement today
related to the Minnesota Department of Natural Resources (DNR)
determination that it will ask the Executive Council to approve new
leases with Cleveland-Cliffs for state ore near Nashwauk,
Minnesota.
Lourenco Goncalves, Cleveland-Cliffs’ Chairman, President and
Chief Executive Officer, said, “Cleveland-Cliffs and the Minnesota
Department of Natural Resources have reached an agreement on a
package of State iron ore mineral leases at the Nashwauk mine site
for review by the Minnesota Executive Council on May 25. I thank
Governor Walz for his support and the great work of his Department
of Natural Resources. We would not be at this very place without
Governor Walz’s leadership and the great work of the Minnesota DNR
professionals. When approved by the MN Executive Council, the
leases will be used to provide a long-term extension of Hibbing
Taconite’s mine life, securing the future of Hibbing Taconite and
the good-paying, union jobs at HibTac, our flagship operation in
Minnesota. I look forward to the Minnesota Executive Council’s
review and approval of this lease package on May 25.”
About Cleveland-Cliffs Inc. Cleveland-Cliffs is the
largest flat-rolled steel producer in North America. Founded in
1847 as a mine operator, Cliffs also is the largest manufacturer of
iron ore pellets in North America. The Company is vertically
integrated from mined raw materials, direct reduced iron, and
ferrous scrap to primary steelmaking and downstream finishing,
stamping, tooling, and tubing. Cleveland-Cliffs is the largest
supplier of steel to the automotive industry in North America and
serves a diverse range of other markets due to its comprehensive
offering of flat-rolled steel products. Headquartered in Cleveland,
Ohio, Cleveland-Cliffs employs approximately 27,000 people across
its operations in the United States and Canada.
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