Cliffs Sells Logan County Coal Assets, Halts Bloom Lake Activity

Cliffs Natural Resources Inc. (NYSE:CLF) announced that it has completed the sale of its West Virginia-based Logan County coal assets to an affiliate of Coronado Coal LLC. The company also said that active production at its Bloom Lake mine has halted; the mine is now on care and maintenance.

Lourenco Goncalves, chairman, president and CEO of Cliffs, commented:

The execution of the strategic initiatives outlined during our Q3 Conference Call in October 2014 continued to progress as planned during the last two months. The sale of Logan County Coal, which included a meaningful tax benefit to the Company, clearly demonstrates our ability to execute complex transactions despite an adverse M&A environment for commodity related transactions. Additionally, as we approach the final steps of our exit from Eastern Canada, we have brought to an end the flawed expansion that has cost Cliffs and its shareholders billions of dollars.

Click here to read the full Cliffs Natural Resources Inc. (NYSE:CLF) press release.