Cliffs Gets Closer To China In Iron Ore Supply

Forbes reports that Cliffs Natural Resources (NYSE:CLF) recently announced its decision to shift its focus away from North America to Asia.

The market news is quoted as saying,

Earlier this year, Cliffs had announced its intention to buy its Canadian rival Consolidated Thompson Iron Mines in an all cash deal. We had analyzed the possible rationales and benefits of this deal in our article, “Cliffs Acquisition Aimed at Growth, Foothold in Asia.” The deal, which was recently approved by Consolidated Thompson shareholders, makes Wuhan Iron and Steel, one of China’s biggest steel manufacturers, its customer.

For the complete market news, click here.