Cleveland back in Cliffs company name
Cliffs Natural Resources, North America's largest producer of taconite iron ore, has put Cleveland back in its name.
The Cleveland-based company announced Tuesday that it was renaming itself Cleveland-Cliffs Inc., as part of its 170th anniversary celebration.
The company's New York Stock Exchange symbol — CLF — will remain the same.
The company had dropped Cleveland from the name and moved to Cliffs Natural Resources a decade ago as managament at that time moved into more-varied mining activities globally. The company under CEO Lourenco Goncalves has since retrenched to focus on its U.S. operations in Minnesota and Michigan, closing Canadian ore assets and U.S. coal mines.
The company owns and operates Northshore Mining in Silver Bay/Babbitt, United Taconite in Eveleth/Forbes and is part-owner and manager of Hibbing Taconite. The company also owns and operates the Tilden facility in Michigan's Upper Peninsula and a single iron ore mine in Australia.
The company has pledged to build a new iron-producing mill in Toledo by 2020 using Minnesota ore to produce directly reduced iron that will be used to make steel in electric arc mini mills. All other Minnesota ore currently is used in blast furnace steel mills, which serve only about 40 percent of the steel market.
"The historical name Cleveland-Cliffs is synonymous with our strong heritage, and is the perfect one for our next era of growth," Goncalves said in announcing the name change.
The name change probably will put an end to efforts by some Northand officials to convince the company to relocate its corporate headquarters to Minnesota, closer to the core of its operations and the vast majority of its employees.