Market Overview

Cleveland-Cliffs Completes the Sale of its Asia Pacific Iron Ore Assets

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Cleveland-Cliffs Inc. (NYSE:CLF) ("Cliffs" or the "Company") announced
today that it has closed the sale of its Asia Pacific Iron Ore assets
to Mineral Resources Limited ("MRL"). With the transaction, Cliffs'
previously disclosed costs of closing the Australian operations were
reduced by approximately $85 million. Included in this amount are asset
retirement obligations assumed by MRL.

As a result of the transaction, in the third quarter Cliffs will be
recording a reversal of its currency translation adjustment, which will
result in a positive contribution to net income of approximately $230
million, or income of approximately $0.75 per diluted share.

Lourenco Goncalves, Cliffs' Chairman, President and Chief Executive
Officer said, "With the closure of the sale of the Australian assets, we
have now completed our multi-year transformation back to our roots as a
supplier of high-grade iron units to the Great Lakes steel industry."
Mr. Goncalves added: "I must again thank our APIO team for their crucial
role and contribution to our successful turnaround over the last four
years. This positive attitude and full engagement of our entire
workforce will continue to allow us to be successful as we grow and
evolve to supply high quality metallics to electric arc furnaces."

About Cleveland-Cliffs Inc.

Founded in 1847, Cleveland-Cliffs Inc. is the largest and oldest
independent iron ore mining company in the United States. We are a major
supplier of iron ore pellets to the North American steel industry from
our 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, our employees endeavor to provide
all stakeholders with operating and financial transparency. For more
information, visit http://www.clevelandcliffs.com.

Forward-Looking Statements

This release contains statements that constitute "forward-looking
statements" within the meaning of the federal securities laws. As a
general matter, forward-looking statements relate to anticipated trends
and expectations rather than historical matters. Forward-looking
statements are subject to uncertainties and factors relating to Cliffs'
operations and business environment that are difficult to predict and
may be beyond our control. Such uncertainties and factors may cause
actual results to differ materially from those expressed or implied by
the forward-looking statements. These statements speak only as of the
date of this release, and we undertake no ongoing obligation, other than
that imposed by law, to update these statements. Uncertainties and risk
factors that could affect Cliffs' future performance and cause results
to differ from the forward-looking statements in this release include,
but are not limited to: uncertainty and weaknesses in global economic
conditions, including downward pressure on prices caused by oversupply
or imported products, reduced market demand and risks related to U.S.
government actions with respect to Section 232 of the Trade Expansion
Act (as amended by the Trade Act of 1974), the North American Free Trade
Agreement and/or other trade agreements, treaties or policies; continued
volatility of iron ore and steel prices and other trends, including the
supply approach of the major iron ore producers, affecting our financial
condition, results of operations or future prospects, specifically the
impact of price-adjustment factors on our sales contracts; our ability
to cost-effectively achieve planned production rates or levels,
including at our HBI production plant; our ability to successfully
identify and consummate any strategic investments or development
projects, including our HBI production plant; the impact of our
customers reducing their steel production due to increased market share
of steel produced using other methods or lighter-weight steel
alternatives; risks related to former international operations,
including our ability to successfully conclude the CCAA process
in Canada and to close our Asia Pacific business in a manner that
minimizes cash outflows and associated liabilities, including, among
other things, our ability to successfully complete the sale of the
assets of our Asia Pacific Iron Ore business and our ability to reach
negotiated settlements with other third parties in Australia; our
ability to successfully diversify our product mix and add new customers
beyond our traditional blast furnace clientele; our actual economic iron
ore reserves or reductions in current mineral estimates, including
whether any mineralized material qualifies as a reserve; our ability to
maintain appropriate relations with unions and employees; the outcome of
any contractual disputes with our customers, joint venture partners or
significant energy, material or service providers or any other
litigation or arbitration; the ability of our customers and joint
venture partners to meet their obligations to us on a timely basis or at
all; problems or uncertainties with productivity, tons mined,
transportation, mine-closure obligations, environmental liabilities,
employee-benefit costs and other risks of the mining industry; our
ability to reach agreement with our customers regarding any
modifications to sales contract provisions, renewals or new
arrangements; our actual levels of capital spending; our level of
indebtedness could limit cash flow available to fund working capital,
capital expenditures, acquisitions and other general corporate purposes
or ongoing needs of our business; availability of capital and our
ability to maintain adequate liquidity; changes in sales volume or mix;
events or circumstances that could impair or adversely impact the
viability of a mine and the carrying value of associated assets, as well
as any resulting impairment charges; impacts of existing and increasing
governmental regulation and related costs and liabilities, including
failure to receive or maintain required operating and environmental
permits, approvals, modifications or other authorization of, or from,
any governmental or regulatory entity and costs related to implementing
improvements to ensure compliance with regulatory changes; uncertainties
associated with natural disasters, weather conditions, unanticipated
geological conditions, supply or price of energy, equipment failures and
other unexpected events; adverse changes in currency values, currency
exchange rates, interest rates and tax laws; and the potential existence
of significant deficiencies or material weakness in our internal control
over financial reporting.

For additional factors affecting the business of Cliffs, refer to Part I
– Item 1A. Risk Factors of our Annual Report on Form 10-K for the year
ended December 31, 2017. You are urged to carefully consider these risk
factors.

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