Thursday, December 4, 2008

My cousins' husband works at the Tilden Mine.

December 4, 2008

Cleveland Cliffs announces layoffs

MARQUETTE - Cliffs Natural Resources announced today more than 300 layoffs are likely in January and production at the Empire and Tilden mines in 2009 will be substantially reduced due to the downward spiral of the world economy and a reduced demand for steel and iron ore.


Cliffs calls off merger

CHARLESTON, W.Va.—Cliffs Natural Resources' proposed $2.7 billion takeover of coal producer Alpha Natural Resources has been called off, the companies said Monday.

Terminating the deal is in the best interest of shareholders due to the faltering U.S. economy, uncertainty in the steel industry and other factors, the companies said in a joint news release. Cliffs agreed to pay Alpha a $70 million breakup fee. In turn, Alpha agreed to drop a lawsuit filed against Cliffs for unilaterally delaying a shareholder vote on the proposed acquisition.

July 16, 2008

Cliffs gets bigger with mining merger

St. Paul, Minn. — Cleveland-Cliffs says it's merging with Alpha Natural Resources, A Virginia-based coal operation with 57 coal mines and 11 coal preparation plants in four northern Appalachian states.  The $10 billion cash and stock deal makes the new company, to be called Cliffs Natural Resources, a major player in iron mining and coal production. The coal mines give the company ownership of a key resource for making steel, and another product to sell.

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