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Cleveland Cliffs
Cleveland Cliffs changed its name to Cliffs Natural Resources in 2008.
Latest News
Cleveland-Cliffs Extends Portman Offer
10 March 2005 - Cleveland-Cliffs Inc. has extended its offer for all of the shares in Portman Limited for four days.
Cliffs Tender Offer for Portman Limited is Final
02 March 2005 - Cleveland-Cliffs has declared that its increased offer under the takeover bid for Portman Limited is final and the offer price will not be further increased. The increase, announced on February 25, 2005, had raised the offer price from A$3.40 to A$3.85 cash for each Portman share. Under Australian law this declaration means that Cleveland-Cliffs will not be able to further increase its offer price under any circumstances.
Cliffs Could Soon Declare Portman Takeover Offer Unconditional
18 February 2005 - Cleveland-Cliffs Inc. announced that its offer to acquire all of the shares in Portman Limited, made through its wholly owned subsidiary Cleveland-Cliffs Australia Pty Limited, will be declared free of all conditions if its relevant interest in Portman shares exceeds 51% (by number) by 5:00 p.m. (Sydney time) on Tuesday, March 1, 2005. The company also stated that it was extending the offer period under the offer to 7:00 p.m. (Perth time) on Friday, March 11, 2005 (unless further extended or withdrawn).
Cleveland-Cliffs Reports Record Results for 2004
17 February 2005 - Cleveland-Cliffs Inc. reported record fourth-quarter net income of $203.3 million and record net income of $323.6 million for the year 2004. All common shares and per-share amounts have been adjusted retroactively to reflect the December 2004 two-for-one stock split, and all diluted per-share amounts reflect the potential dilutive effect of the Company's convertible preferred stock.
Mesabi Trust Declares Distribution
21 January 2005 - Trustees of Mesabi Trust declared a distribution of $0.295 per Unit of Beneficial Interest payable on February 20, 2005 to Mesabi Trust unitholders of record at the close of business on January 30, 2005.
Cliffs Commences Tender Offer for Portman Limited
12 January 2005 - Cleveland-Cliffs Inc. announced commencement of a negotiated A$3.40 per share all-cash tender offer for all outstanding shares issued by Portman Limited. If the tender offer is fully subscribed, the net acquisition price would total approximately US$465 million (at an exchange rate of A$1 = US$0.77) and would be financed with existing cash and new borrowings of $100 million.
Cleveland-Cliffs Announces Convertibility of Preferred Stock
03 January 2005 - Holders of Cleveland-Cliffs Inc.’s 3.25% redeemable cumulative convertible perpetual preferred stock may surrender stock for conversion at any time during the fiscal quarter ending March 31, 2005, thanks to satisfaction of a condition to the conversion right. The condition was satisfied because the closing share price of Cleveland-Cliffs' common shares exceeded 110% of the then-applicable conversion price of the preferred stock for at least 20 of the last 30 trading days of the fiscal quarter ended December 31, 2004.
Cleveland-Cliffs Amends ISG Pellet Contract
31 December 2004 - Cleveland-Cliffs Inc. has entered into an amendment to its major Pellet Sale and Purchase Agreement with International Steel Group Inc., for pellet deliveries to ISG Cleveland and ISG Indiana Harbor through 2016.
Cliffs Announces New Officers
16 November 2004 - Cleveland-Cliffs Inc. announced the election of George W. Hawk as General Counsel and Secretary, and Dana W. Byrne as Vice President—Public Affairs.
Cleveland-Cliffs Announces Two-for-One Stock Split
10 November 2004 - Cleveland-Cliffs Inc.’s Board of Directors has approved a two-for-one stock split as well as the reinstatement of a quarterly cash dividend payment to holders of its common shares. A scheduled dividend payment on the company's 3.25% Redeemable Cumulative Convertible Perpetual Preferred Stock was also authorized.
Cleveland-Cliffs Reports Record Net Income for 3rd Quarter
28 October 2004 - Cleveland-Cliffs Inc reported third-quarter 2004 net income of $87.5 million on total revenues and other income of $409.7 million.
Cliffs Announces Management Changes
12 October 2004 - Cleveland-Cliffs Inc. announced that Edward C. Dowling Jr., Executive Vice President—Operations, has elected to resign to accept a senior executive position with a major global mining company. Mr. Dowling joined Cleveland-Cliffs in April 1998 as Senior Vice President—Operations and made numerous contributions during his tenure with the company.
Cliffs Announces Labor Agreement at Wabush Mines
12 October 2004 - Cleveland-Cliffs Inc. announced that contract settlements have been reached and ratified by the United Steelworkers Union, representing approximately 575 hourly employees at Wabush Mines in Canada.
Talks Back on at Wabush Mines
01 October 2004 - Striking steelworkers will be back at the bargaining table Friday with Wabush Mines in an attempt to reach a settlement for 300 members of Steelworkers Local 6285. The workers have been on strike since July 5.
Cliffs to Restart Idled Pellet Capacity
10 September 2004 - Cleveland-Cliffs Inc. announced plans to reactivate an idled furnace at its Northshore Mine in Silver Bay, Minn.
Mesabi Nugget Successfully Concludes Pilot Plant Phase
10 September 2004 - Larry Lehtinen, President of Mesabi Nugget, LLC (MNC) announced the successful conclusion of the pilot plant testing phase of the Mesabi Nugget Project. The announcement culminates twelve months of engineering and construction followed by fourteen months of plant operations. The company will now proceed forward with commercialization of the Kobe Steel ITmk3 Process® and the iron nugget technology.
Cleveland-Cliffs Announces Ratification of Contracts
24 August 2004 - United Steelworker-represented employees at the Empire and Tilden Mines in Michigan, and Hibbing Taconite and United Taconite Mines in Minnesota, have ratified new four-year labor agreements. Cleveland-Cliffs manages and holds substantial equity positions in all four mines.
Cliffs Announces Tentative Labor Agreement
29 July 2004 - Cleveland-Cliffs Inc. has reached tentative contract settlements with the United Steelworkers Union, representing approximately 2000 hourly employees at its four managed iron ore mines in Minnesota and Michigan.
Cleveland-Cliffs Reports Record 2nd Quarter Results
29 July 2004 - Cleveland-Cliffs Inc reported net income of $32.8 million on total revenues of 305.6 million in the second quarter and net income of $32.8 million on total revenues of 546.4 million for the first six months of 2004.
ISG Completes Purchase of HBI Facility in Trinidad and Tobago
28 July 2004 - International Steel Group Inc. has completed the purchase of substantially all of the assets of the Cliffs and Associates Limited (CAL) Circored® Hot Briquetted Iron (HBI) facility located in Trinidad and Tobago, for a purchase price of $8 million in cash, plus assumed liabilities. CAL may receive up to $10 million in future payments contingent upon production and shipments.
