Cleveland-Cliffs to invest $40 million to complete upgrade at Northshore Mine

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CLEVELAND, OH — Cleveland-Cliffs is reporting its 4th Quarter and year-end results for 2018, and the mining company’s Chairman, President and CEO said the last year was another good one for business.

In Q4 of 2018 Cliffs reported a net income of $610 million, that’s up from the net income of $310 million which was recorded in the same quarter of 2017.

The company reported a full-year net income of $1.1 billion for 2018.

Experts said the results reported show the impact of the company’s diversification of products, including its new Hot Briquetted Iron, or HBI, facility in Ohio.

In a statement, President and CEO Lourenco Goncalves was optimistic about the year ahead.

“2019 will be an even more exciting year for us. Our Mining and Pelletizing business will be once again sold out, and we look to produce yet another year of great results selling world class pellets at industry-high margins.”

While Cliffs will no longer play a management role at Hibbing Taconite starting later this year, the company is planning to spend approximately $40 million toward the completion of the upgrade at the Northshore mine in Silver Bay.

Cliffs spokepeople said the company expects to be the sole producer of HBI in the Great Lakes region by 2020.

You can find the full details from the earnings report here.  

Kristen Vake

Kristen Vake

Anchor, Reporter

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