Cliffs signs deal with AK Steel

DULUTH, Minn. (AP) — Cliffs Natural Resources says it has reached an agreement to provide taconite pellets to steel-producing giant AK Steel through 2023.

The agreement extends a previous contract that runs through 2014.

Cliffs said Tuesday the supply agreement is tied to a moving price index based on changing iron ore prices and producer price indices.

The Duluth News Tribune reports (http://bit.ly/15fpob9 ) Cliffs won’t say which of its mines supplies AK mills.

Cliffs operates United and Northshore taconite operations and is co-owner of and operates Hibbing Taconite, all in Minnesota.

The Cleveland-based company also owns the Empire/Tilden operation in Michigan’s Upper Peninsula and has iron ore mines in eastern Canada and Australia.

Ohio-based AK Steel is one of the nation’s largest steel producers.

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Information from: Duluth News Tribune, http://www.duluthnewstribune.com

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