Cliffs has eyes on Asia for growth strategy

Nov 02, 2010 | 12:36 PM | Lisa Gordon

Cliffs Natural Resources Inc. says it seeks more acquisitions and hopes to expand its iron ore export business.

"It's a business we are starting to like and it is getting pretty interesting when you at look at demand, the price of pellets and shipping rates into Asia," said Joseph A. Carrabba, chairman, president and chief executive officer. "It is not a game changer as a company, but certainly a nice outlet for pellets."

The Cleveland-based company shipped between 100,000 and 200,000 tons of iron ore out of the Great Lakes during the third quarter and is preparing to increase its business to between 1 million and 2 million tons annually, executives said during an earnings conference call.....

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