CLEVELAND, Dec. 17,
2010 /PRNewswire/ -- Cliffs Natural Resources Inc. (NYSE: CLF)
(Paris: CLF) today announced that the Company was successful in its
previously disclosed arbitration with Essar Steel
Algoma, Inc. In a binding decision by the American Arbitration Association,
an arbitration panel redefined world prices for blast furnace pellets, a
factor used in determining annual price increases or decreases under
Cliffs' supply agreement with Essar Steel Algoma.
This redefinition currently entitles Cliffs to use an increase in excess of
95% over 2009 prices for seaborne blast furnace pellets in the supply
agreement's pricing formula. With today's final award, Cliffs anticipates
collecting a cash payment in the near term from Essar
Steel Algoma for the portion of revenue from 2010 pellet sales that were
disputed in the arbitration.
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About Cliffs Natural
Resources Inc.
Cliffs Natural
Resources Inc. is an international mining and natural resources company. A
member of the S&P 500 Index, we are the largest producer of iron ore
pellets in North America, a major supplier
of direct-shipping lump and fines iron ore out of Australia
and a significant producer of high and low volatile metallurgical coal.
With core values of environmental and capital stewardship, our colleagues
across the globe endeavor to provide all stakeholders operating and
financial transparency as embodied in the Global Reporting Initiative (GRI)
framework. Our Company is organized through three geographic business
units:
The North American
business unit is comprised of six iron ore mines owned or managed in Michigan, Minnesota
and Canada and six coal mines located in West Virginia and Alabama.
The Asia Pacific business unit is comprised
of two iron ore mining complexes in Western
Australia and a 45% economic interest in a coking and thermal coal
mine in Queensland, Australia. The Latin
American business unit includes a 30% interest in the Amapa
Project, an iron ore project in the state of Amapa
in Brazil.
Other projects under
development include a biomass production plant in Michigan
and Ring of Fire chromite properties in Ontario, Canada. Over recent years, Cliffs has
been executing a strategy designed to achieve scale in the mining industry
and focused on serving the world's largest and fastest growing steel
markets.
News releases and other
information on the Company are available on the Internet at:
http://www.cliffsnaturalresources.com or
www.cliffsnaturalresources.com/Investors/Pages/default.aspx?b=1041&1=1
"Safe
Harbor" Statement under the Private Securities Litigation Reform Act
of 1995
This news release
contains predictive statements that are intended to be made as
"forward-looking" within the safe harbor protections of the
Private Securities Litigation Reform Act of 1995. Although the Company
believes that its forward-looking statements are based on reasonable
assumptions, such statements are subject to risk and uncertainties.
Actual results may
differ materially from such statements for a variety of reasons;
availability of capital equipment and component parts; availability of
float capacity; ability to maintain adequate liquidity and our ability to
access capital markets; changes in the financial condition of our partners
and/or customers; rejection of major contracts and/or venture agreements by
customers and/or participants under provisions of the U.S. Bankruptcy Code
or similar statutes in other countries; events or circumstances that could
impair or adversely impact the viability of a mine and the carrying value
of associated assets; inability to achieve expected production levels;
reductions in current resource estimates; impacts of increasing
governmental regulation including failure to receive or maintain required
environmental permits; problems with productivity, third party contractors,
labor disputes, weather conditions, fluctuations in ore grade, tons mined,
changes in cost factors including energy costs, transportation, mine
closure obligations and employee benefit costs; the ability to identify,
acquire and integrate strategic acquisition candidates; risks associated
with operations in multiple countries and the effect of these various risks
on our future cash flows, debt levels, liquidity and financial position.
Reference is also made
to the detailed explanation of the many factors and risks that may cause
such predictive statements to turn out differently, set forth in the
Company's Annual Report and Reports on Form 10-K, Form 10-Q and previous
news releases filed with the Securities and Exchange Commission, which are
publicly available on Cliffs Natural Resources' website. The information
contained in this document speaks as of the date of this news release and
may be superseded by subsequent events.
SOURCE Cliffs Natural Resources
Inc.
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