Cleveland-Cliffs to sell Australian iron ore assets

|By:, SA News Editor

Cleveland-Cliffs (NYSE:CLF+1.8% premarket after agreeing to sell its Asia Pacific Iron Ore business to Australian mining services company Mineral Resources for an undisclosed sum.

CLF expects previously disclosed costs of closing the Australian operations will be reduced by $65M-$75M.

CLF says the sale marks the company's exit from the Australian iron ore business and is "the final step in the implementation of our U.S. iron ore-centric strategy."