Cleveland-Cliffs Terminates Wabush Negotiations
Cleveland-Cliffs Inc. announced that it has
terminated negotiations to sell its 26.8%
interest in the Wabush Mines joint venture
to ArcelorMittal Dofasco Inc. The company
entered into discussions with Dofasco in
September 2007 and until recently negotiations
had been ongoing. “Cliffs believes
that terminating negotiations and remaining
a partner in the Wabush Mines joint
venture is the best course of action for all
stakeholders at the current time,” said
Donald J. Gallagher, president, Cleveland
Cliffs’ North American Business Unit.
Operating since 1965, the joint venture
produced 4.6 million tons of iron ore pellets
in 2007, and includes the Scully iron
ore mine near Wabush, Newfoundland,
Labrador; the pellet plant and port facilities
at Pointe Noire, Quebec; and integrated
rail facilities and other assets.
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