Cleveland-Cliffs Inc (NYSE:CLF) Talks About Inaccurate Media Reports Pertaining Nashwauk, MN Property

0
588

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.

The highlights

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.