In a statement, Cleveland-Cliffs said it paid US$105 million in cash for United States Steel Corporation’s remaining 15% stake in Tilden Mining Co. Cliffs had owned 85% of the operation. 

With the sale, Cliffs now fully owns 1.2 million long tons of annual pellet production capacity and 55 million long tons of iron ore reserves. 

"With the current strength in the Great Lakes iron ore pellet market and anticipated future demand from our hot briquetted iron facility, acquiring additional pellet capacity became a top priority for Cliffs. We have managed Tilden since 1974, and acquiring the remaining interest of the mine became the most logical path to accomplishing this through a risk-free transaction," Cliffs chief executive Lourenco Goncalves said in a statement.