Cleveland Cliffs focusing on US iron ore based operations
Cleveland Cliffs Inc in Australia is shutting down its iron ore business as the company has its full concentration on its US-based operations. On Tuesday morning, the producer of iron ore has pronounced that the company has decided to sell all of its significant possessions of its Asia Pacific Iron Ore business to an Australian mining services company known as Mineral Resources Limited. The deal is designed as a sale of the following possession and postulation of definite linked liabilities; mining dwellings, mine facility belongings, port resources and the advantage of certain contracts. The deal is backed by the Western Australian Government. This deal will signify Cliffs’ ultimate step in the execution of US iron ore centric strategy which represents Cliffs’ withdrawal from the iron ore business in Australia, stated by the Chairman, President and CEO of Cliffs’, Lourenco Goncalves. Further adding in to the statement, he said that they are contented to have reached contract on a transaction which will bring not only actual worth to its shareholders will make no impact on job opportunities for employees in Western Australia. By the end of second quarter, the transaction is assumed to call off.