Cleveland-Cliffs Inc (NYSE:CLF) reported that it is addressing false media reports linked to its real estate interests based in Nashwauk, MN and recent activities the firm carried out on its own site. The company objects to such false information and is providing the facts about its recent initiatives in order to establish the record straight.
Cleveland-Cliffs bought from Glacier Park Iron Ore Properties a combination of whole and undivided fee interests, as well as surface and mineral leases inside the Biwabik Iron Formation. The public data in Itasca County offer clear confirmation that company’s subsidiary, Cleveland-Cliffs Minnesota Land Development LLC, is the lessee/owner of record of the property.
Cleveland-Cliffs employed a standard protocol and practice of posting signage to ascertain the perimeters of its property. The activity is focused on measuring the firm’s acreage and for purposes of public safety. The signs were placed on current fencing, trees and posts. No new fencing was established during this process.
Cleveland-Cliffs’ contractors lawfully accessed the property via public roads during day hours, and there was no activity carried out in night-time as assumed in the media reports. Before the activity was started, the firm informed the Sheriff of Itasca County as well as other local officials of its plan to access its property and assume the actions within its privileges to secure and survey the property. Also, as part of the announcement procedure, the company took an initiative to hand-deliver a courtesy notification to Mesabi Metallics’ representative Mr. Robb Bigelow about the intended activity, however he rejected receiving the courtesy letter.
Governor Mark Dayton or any other public representative on the Iron Range have not reached out to Mr. Lourenco Goncalves, who is the CEO, President and Chairman of Cleveland-Cliffs, raising concerns about the situation pertaining to Cliffs’ acquisition of asset at the Nashwauk site.
This report is for information purposes only, and is neither a solicitation or recommendation to buy nor an offer to sell securities. Financials Trend is not-a-registered-investment-advisor. Financials Trend is not a broker-dealer. Information, opinions and analysis contained herein are based on sources believed to be reliable, but no representation, expressed or implied, is made as to its accuracy, completeness or correctness. The opinions contained herein reflect our current judgment and are subject to change without notice. Financials Trend accepts no liability for any losses arising from an investor's reliance on the use of this material. Financials Trend sometimes gets compensated up to one hundred and fifty thousand dollars per month for featuring particular stocks. See site disclaimer for complete compensation. Financials Trend and its affiliates or officers currently hold no shares of these stocks. Financials Trend and its affiliates or officers will purchase and sell shares of common stock of these stocks, in the open market at any time without notice. Financials Trend will not update its purchases and sales of these stocks in any future postings on Financials Trend's websites. Certain information included herein is forward-looking within the context of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning manufacturing, marketing, growth, and expansion. The words "may", "would," "will," "expect," "estimate," "anticipate," "believe," "intend," " project," and similar expressions and variations thereof are intended to identify for ward-looking statements. Such forward- looking information involves important risks and uncertainties that could affect actual results and cause them to differ materially from expectations expressed herein. *Financials Trend does not set price targets on securities. Never invest into a stock discussed on this web site or in this email alert unless you can afford to lose your entire investment.financialstrend.com