- Cliffs Natural Resources (NYSE:CLF +1.8%) is higher on news of a 15-year purchase power arrangement for its Northshore operation with Allete's (ALE +1.3%) Minnesota Power division, in which CLF will receive $31M.
- CLF says the agreements, which are pending potential regulatory approval of the sale of utility assets, include certain non-core operations, transmission assets at United Taconite, certain land options at United Taconite and Northhsore Mining, and transportation rights along CLF's Erie rail assets.
- CLF says it also extended its regulated power schedule with Minnesota Power for 10 years at its United Taconite and Babbitt facilities.