Cleveland-Cliffs to close Asia Pacific Iron Ore business by June 30

|By:, SA News Editor

Cleveland-Cliffs (CLF -2.2%) discloses that it will permanently close its Asia Pacific Iron Ore mining operations by June 30, citing increasingly discounted prices for lower-iron-content ore, the quality of the remaining iron ore reserves at APIO and the lack of a legitimate offer from a qualified buyer.

CLF estimates total costs to be incurred in connection with the closure of $140M-$170M.

CLF already had announced the planned closure of the APIO segment but the new disclosure commits a specific course of action.

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