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Cleveland-Cliffs to sell Australian iron ore assets

Cleveland-Cliffs will sell its Asia Pacific Iron Ore assets to Mineral Resources Limited in Australia, completing the company’s long-term goal of shifting to just the United States market.

“The sale of these assets to Mineral Resources marks Cliffs’ exit from the Australian iron ore business, and represents the final step in the implementation of our US iron ore-centric strategy,” CEO Lourenco Goncalves said in a press release.

The sell was expected. Goncalves has planned for years to make his company a U.S.-focused operation, and the announcement that it would happen in June came in March of this year.

Cliffs also sold off its coal mines and Canadian iron ore operations in recent years under Goncalves' focus to make it an iron ore-only company focused on the domestic U.S. steelmaking industry in the lower Great Lakes.

Cliffs owns and operates United Taconite in Eveleth/Forbes and Northshore Mining in Silver Bay/Babbitt and is part owner and manager of Hibbing Taconite as well as owner of the Tilden operations in Michigan's Upper Peninsula.