(Reuters) - The Cleveland-based company, which produces iron-ore
pellets for steelmaking, is paying $450 million in cash and
assuming approximately $160 million in debt to acquire the
privately held company that operates two mines in West Virginia
and one in Alabama producing metallurgical, or coking coal,
which is used to make steel.
PinnOak controls reserves of approximately 140 million
tons. Cleveland-Cliffs expects PinnOak to produce approximately
2 million tons for the remainder of 2007 and approximately 5
million tons in 2008.
Read more at Reuters.com Mergers News
pellets for steelmaking, is paying $450 million in cash and
assuming approximately $160 million in debt to acquire the
privately held company that operates two mines in West Virginia
and one in Alabama producing metallurgical, or coking coal,
which is used to make steel.
PinnOak controls reserves of approximately 140 million
tons. Cleveland-Cliffs expects PinnOak to produce approximately
2 million tons for the remainder of 2007 and approximately 5
million tons in 2008.
Read more at Reuters.com Mergers News
No comments:
Post a Comment