Cliffs Natural Resources, the largest iron ore producer in the U.S., celebrated 170 years in business Monday when company officials rang the closing bell on the New York Stock Exchange.
Cleveland-based Cliffs formed in 1847 and went public on the New York Stock Exchange in 1960.
“I am very proud and honored to lead the largest and oldest mining company in the United States,” said Lourenco Goncalves, Cliffs CEO, in a statement. “Cliffs has been instrumental in building and shaping our society by supplying the U.S. domestic steel industry with its most vital ingredient, iron ore. Today, we are commemorating and celebrating the achievements, ingenuity and hard work of our past and present employees.”
Cliffs has contracted in recent years to focus on U.S. ore production and little else. It owns and operates United Taconite in Eveleth/Forbes, NorthShore Taconite in Silver Bay/Babbitt and is part owner and operator of Hibbing Taconite. It also owns and operates the Tilden mining operation in Michigan’s Upper Peninsula and an iron ore mine in western Australia.
The company doesn’t make steel but sells its iron ore to major steelmakers.
“Despite steel industry consolidation and ownership changes, let alone wars and financial crises, the resilience of Cliffs and its people has led to times of profitable growth and great prosperity,’’ Goncalves added. “We will carry this rich tradition forward to ensure Cliffs is a successful company for many more decades ahead.”