Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) announced today that it has entered into an agreement with Essar Steel Algoma Inc. to extend the iron ore Pellet Sale and Purchase Agreement between the two companies to 2024. The previous agreement was expected to expire in 2016.
The Agreement includes Essar’s minimum volume iron ore pellet purchases from Cliffs beyond 2016 and pricing for 2013 through 2024.
Donald J. Gallagher, Cliffs’ president — global commercial, said, “We are pleased to announce the negotiated extension of our sales contract with Essar. We believe the extension of this contract demonstrates the quality and reliability of our product offering. The long-term stability of our U.S. Iron Ore business segment remains an important cornerstone of Cliffs’ business and we are pleased to be supplying a valued customer like Essar for many years to come.”
Cliffs Natural Resources Inc. is an international mining and natural resources company. A member of the S&P 500 Index, the Company is a major global iron ore producer and a significant producer of high- and low-volatile metallurgical coal. Cliffs’ strategy is to continually achieve greater scale and diversification in the mining industry through a focus on serving the world’s largest and fastest growing steel markets. Driven by the core values of social, environmental and capital stewardship, Cliffs associates across the globe endeavor to provide all stakeholders operating and financial transparency.
The Company is organized through a global commercial group responsible for sales and delivery of Cliffs’ products and a global operations group responsible for the production of the minerals the Company markets. Cliffs operates iron ore and coal mines in North America and an iron ore mining complex in Western Australia. In addition, Cliffs has a major chromite project, in the feasibility stage of development, located in Ontario, Canada.
News releases and other information on the Company are available on the Internet at: http://www.cliffsnaturalresources.com