Cleveland-Cliffs Purchases Mining Property in Itasca County

Cliffs Trying to Create New Plans for Site

ITASCA COUNTY, Minn.-Cleveland Cliffs has completed the acquisition of real estate in Itasca County from Glacier Park Iron Ore Properties.

The acquisition includes a combination of undivided and whole fee interest land, along with mineral and surface leases, which are found in the Biwabik Iron Formation. In total, they have acquired 553 acres and the acreage being leased is about 3,215 acres.

The purchased properties include parcels that were formerly leased to Mesabi Metallics, formerly known as Essar Steel of Minnesota. Mesabi Metallics leases were terminated in October after it failed to exit bankruptcy.

Cliffs is hoping to leverage the acquired real estate in order to develop a financially sustainable plan for the site

“We are enthused about the acquisition of this property, which came into play after Chippewa failed to follow through on its obligation to obtain financing and a bankruptcy exit for Mesabi Metallics by Oct. 31,” said Lourenco Goncalves, chairman of Cleveland-Cliffs in a prepared statement. “Despite several botched attempts by others, it is now the time for Cleveland-Cliffs to sit at the table with other responsible parties and develop a realistic solution for this site. Cleveland-Cliffs has been in Minnesota for 115 years, and we currently employ approximately 1,750 people in three separate mining and pelletizing operations throughout the state. As the new owner of this real estate, we know our responsibilities and will not disappoint the people of Minnesota.”