Cleveland-Cliffs mines at 100%

Wednesday, 11 May 2005 22:03:48 (GMT+3)   |  
       

Cleveland-Cliffs mines at 100%

Though several North American steel companies have temporarily idled blast furnaces due to reduced steel demand, Cleveland-Cliffs’ (CC) North American and Australian iron ore mining operations show no indication of letting up. Even with clear signs of softening in the steel business, CC chairman and CEO John S. Brinzo feels confident the company will have little trouble finding a market for his company’s product. CC began the year with stacks of orders for all the iron pellets it could manage to produce from its six North American mines. Even if some customers decide they do not need all those pellets, Brinzo said CC should have no problem finding other markets for them. At CC’s newly acquired Portman Ltd., Perth, Australia mine, the commitment to Japanese and Chinese companies should keep its production steady for years to come. Shrugging off drooping demand due to inventory reduction, Brinzo noted domestic steel production remains strong while international iron and steel markets is very robust, producing higher iron ore prices. Indeed the company’s first quarter ore prices are more than 40% higher than a year ago. CC’s five North American mines and one Canadian mine will produce approximately 37 million tons of iron ore pellets in 2005, an increase over 2004’s 34.4 million tones. This rise is attributed to CC’s 2004 plant expansions. Further expansions are expected as the company is seeking approval to build a new plant in Northern Minnesota.

Similar articles

Iron ore prices drop by over $9//mt week on week, mood remains bad

28 Mar | Scrap & Raw Materials

Goa government to ease policy for liquidating iron ore dumps lying on private land

28 Mar | Steel News

Major steel and raw material futures prices in China - March 28, 2024

28 Mar | Longs and Billet

CISA: Coking coal purchase cost in China down 9.86% in Jan-Feb

28 Mar | Steel News

Brazilian high-grade iron ore price declines sharply in two days

27 Mar | Scrap & Raw Materials

Daily iron ore prices CFR China - March 27, 2024

27 Mar | Scrap & Raw Materials

India’s JSPL takes operational charge of iron ore complex in Venezuela

27 Mar | Steel News

Major steel and raw material futures prices in China - March 27, 2024

27 Mar | Longs and Billet

Vale selected to begin award negotiations for US briquette plant

26 Mar | Steel News

Daily iron ore prices CFR China - March 26, 2024

26 Mar | Scrap & Raw Materials