Cleveland-Cliffs Gains Minnesota Executive Council Approval of Iron Ore Mineral Leases at Nashwauk
May 25 2023 - 2:26PM
Business Wire
Cleveland-Cliffs Inc. (NYSE: CLF) issued a statement
today regarding the Minnesota Executive Council’s approval of state
mineral leases for more than 2,600 acres of iron ore at the
Nashwauk mine site in Itasca County, Minnesota. Today’s approval is
a final action and Cleveland-Cliffs has now assumed these
leases.
Cleveland-Cliffs’ Chairman, President and Chief Executive
Officer, Lourenco Goncalves, stated, “Today’s approval of these
leases by the Minnesota Executive Council resolves years of
uncertainty regarding Hibbing Taconite’s mine life.
Cleveland-Cliffs will immediately begin the work necessary to
develop this quality ore body as an extension of Hibbing Taconite.
The state’s mineral leases, combined with our own private mineral
holdings at Nashwauk acquired by Cleveland-Cliffs in 2017, will
provide more than two decades of additional ore reserves for
Hibbing Taconite, preserving hundreds of good paying union jobs,
and ensuring continued supply of iron ore pellets for
Cleveland-Cliffs’ steel mills.”
Mr. Goncalves continued: “Cleveland-Cliffs appreciates the
leadership of Governor Tim Walz and the great work of the Minnesota
Department of Natural Resources, as well as the support of
Lieutenant Governor Peggy Flanagan, Secretary of State Steve Simon,
Attorney General Keith Ellison and State Auditor Julie Blaha. This
win-win outcome would not have been possible without the strong
partnership of the United Steelworkers, particularly the USW Local
2705 at Hibbing Taconite, in addition to a new generation of
dedicated Iron Range elected officials who are truly working for
the betterment of the region, such as State Representative David
Lislegard, State Senator Grant Hauschild and State Senator Rob
Farnsworth.”
Mr. Goncalves concluded: “Today we celebrate the resilience of
Hibbing Taconite, its workforce and the tremendous potential of
these Nashwauk leases. Then, we immediately begin the hard work of
securing the next generation of union jobs and economic opportunity
for the Iron Range.”
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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