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Cleveland-Cliffs Closes Acquisition of Real Estate Interests


Cleveland-Cliffs Inc. 's CLF fully-owned subsidiary, Cleveland-Cliffs Minnesota Land Development LLC, completed acquisition of certain real estate interests located in Itasca County west of Nashwauk, MN, from Glacier Park Iron Ore Properties LLC.


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} function printPage() { var article_id; if(isArticlePage()) { article_id = /nasdaq.com\/article\/([^\$]+)/.exec(document.location.href)[1]; document.location.href = "http://www"+host_Extension+".nasdaq.com/aspx/stockmarketnewsstoryprint.aspx?storyid="+article_id; } else window.print(); } function setMailto() { var title,anchor,body, URL; anchor = document.getElementById("mail-link"); if(isArticlePage()) title = $("#content h1.article-header"); else title = $(".forex-lesson h1"); if(title.length) title = title.text().replace(/\s/g, "%20"); else return; URL = document.location.href; body = "Here is something from Nasdaq.com you might find interesting "+title+" "+URL; body = body.replace(/\s/g, "%20"); anchor.setAttribute("href","mailto:?subject="+title+"&body="+body); } setMailto(); Shutterstock photo Cleveland-Cliffs Inc 's CLF fully-owned subsidiary, Cleveland-Cliffs Minnesota Land Development LLC, completed acquisition of certain real estate interests located in Itasca County west of Nashwauk, MN, from Glacier Park Iron Ore Properties LLC makeArticleAd(); According to the company, the interests include a combination of whole and undivided fee interests along with surface and mineral leases, all lying within the Biwabik Iron FormationThe acquired acreage is roughly 553 acres and the acreage being leased is roughly 3,215 acres The company expects to leverage the acquired real estate interests for developing a financially sustainable plan for the site, which may be considered as deplete for other iron ore resources Cleveland-Cliffs has been operating in Minnesota for 115 years and presently employs around 1,750 people in three separate pelletizing and mining operations throughout the state Shares of Cleveland-Cliffs have moved up 3.6% in the past six months, underperforming the industry 's 14.6% growth Cleveland-Cliffs, in October, reduced its sales volume expectation for its U.SIron Ore unit for 2017 by 500,000 tons to 18.5 million long tons, due to considerable reduction in pellet nomination by a large customer, which was partly offset by higher export salesFurther, the company expects iron-ore cash cost of goods sold and operating expense in the range of $55-$60 per long ton, which remain unchanged from previous expectations Cleveland-Cliffs is likely to benefit from its pellet supply contracts with its U.Siron ore customers which will help it to mitigate the impact of fluctuation in seaborne iron ore pricing The company also remains focused on de-leveraging its balance sheetIts net debt was roughly $1.4 billion at the end of the third quarter, down from around $2 billion at the end of the year-ago quarterCleveland-Cliffs expects to cut net debt to below $1 billion by the end of 2017This would lead to a reduction in its annualized interest expense Zacks Rank & Stocks to Consider Cleveland-Cliffs currently carries a Zacks Rank #3 (Hold) Some better-ranked stocks in the basic materials space are Westlake Chemical Corporation WLK , Daqo New Energy CorpDQ and Kronos Worldwide IncKRO All three stocks sport a Zacks Rank #1 (Strong Buy)You can see  the complete list of today's Zacks Rank #1 stocks here Westlake Chemical has an expected long-term earnings growth rate of 10.6%Its shares have moved up 79.7% year to date Daqo New Energy has an expected long-term earnings growth rate of 7%Its shares have surged a whopping 170.5% year to date Kronos Worldwide has an expected long-term earnings growth rate of 5%Its shares have rallied 115.3% year to date More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutionsApple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of itIf you don't buy now, you may kick yourself in 2020 Click here for the 6 trades >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 DaysClick to get this free report Kronos Worldwide Inc (KRO): Free Stock Analysis Report Westlake Chemical Corporation (WLK): Free Stock Analysis Report DAQO New Energy Corp(DQ): Free Stock Analysis Report Cliffs Natural Resources Inc(CLF): Free Stock Analysis Report To read this article on Zacks.com click here Zacks Investment Research The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 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