Cleveland-Cliffs’ Nashwauk Land Acquisition Upheld in Court Ruling, Minnesota
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Cleveland-Cliffs Inc. said that the United States Bankruptcy Court for the District of Delaware reaffirmed the 2017 Cliffs acquisition of land located in Nashwauk, Minnesota. The ruling resolved the land dispute in favor of Cliffs and Glacier Park Iron Ore Properties LLC (GPIOP). With that, Cliffs expects to be able to utilize the acquired real estate interests to implement a financially sustainable plan for the site.
In his ruling, Judge Brendan Shannon also determined that Mesabi Metallics LLC’s lease rights terminated on October 31, 2017 when it failed to exit bankruptcy by such date. The properties acquired by Cliffs include parcels that were previously leased by GPIOP to Mesabi Metallics, formerly known as Essar Steel Minnesota.
The land interests include a combination of undivided and whole fee interests as well as mineral and surface leases, all lying within the Biwabik Iron Formation. The acreage acquired is approximately 553 acres and the acreage being leased is approximately 3,215 acres.
About Cleveland-Cliffs Inc.
Founded in 1847, Cleveland-Cliffs Inc. is the largest and oldest independent iron ore mining company in the United States. They are a major supplier of iron ore pellets to the North American steel industry from its mines and pellet plants located in Michigan and Minnesota. By 2020, Cliffs expects to be the sole producer of hot briquetted iron (HBI) in the Great Lakes region with the development of its first production plant in Toledo, Ohio. Driven by the core values of safety, social, environmental and capital stewardship, its employees endeavor to provide all stakeholders with operating and financial transparency.
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