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Cliffs, Nucor in talks over stake in Bloom Lake iron ore mine

Oct. 31, 2014 2:15 PM ETCleveland-Cliffs Inc. (CLF) StockNUE, CLFBy: Carl Surran, SA News Editor33 Comments
  • Cliffs Natural Resources (CLF +8.7%) spikes higher on a WSJ report that Nucor (NUE +1.2%) is in talks to invest in CLF’s Bloom Lake iron ore mine in Quebec.
  • Two Japanese steel companies reportedly would also be part of the venture, which would allow CLF to more than double production at the mine to 13.5M tons/year; the three partners and another existing Japanese partner would buy the iron ore produced at the mine.
  • The partnership apparently would allow CLF to make Broom Lake profitable, after taking a $6B writedown earlier this month mostly related to the mine.

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