Cleveland-Cliffs to reactivate idled pellet furnace
According to recent news in the market, Ohio-based Cleveland-Cliffs, the largest iron ore pellets producer in North America has recently announced that it plans to restart its idled pellet furnace at its Northshore Mine in Minnesota in order to meet surging demand. The pellet furnace has an annual production capacity of 800'000 tons and is expected to be operational in 2005. The reactivation of the furnace is stated to require an investment of $30 million. However, the project is subject to the approval of the board.