United Taconite Restart Moved Up to August

Lourenco Goncalves, Cliffs’ Chairman, President and Chief Executive Officer, stated: “The vast majority of the steel companies in North America are currently enjoying stronger order books, and their demand for high quality iron ore pellets from a reliable supplier is increasing. With that, Cliffs’ business continues to gain very positive momentum, with the improvement of the existing business with our long established clients and the addition of new ones.”

“We are very pleased to announce an increase of our pellet supply to U.S. Steel Canada, who became a new Cliffs’ client in 2016. US Steel Canada used to be a captive client of its former parent company U.S. Steel Corporation.

“We are also very pleased to announce a higher sales guidance for 2016, thanks to this new business with U.S. Steel Canada, which came at a higher tonnage than we had previously anticipated. Most importantly, I am happy to bring our entire UTAC team back to work a lot earlier than previously announced last week.”

SMU Note: Steel Market Update will welcome Lourenco Goncalves, Cliffs Chairman, President and CEO, as one of our Steel Summit 2016 keynote speakers. Mr. Goncalves, a highly entertaining speaker will discuss the iron ore markets as well as factors in the world affecting those doing business in North America with those attending our 6th Steel Summit Conference on August 29-31 in Atlanta, Georgia. Details can be found on our website: www.SteelMarketUpdate.com