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Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) today announced that it has completed the acquisition of its former partners' interests in the Wabush Mines joint venture for approximately $88 million.

Cliffs announced in October 2009 that it would exercise its right of first refusal to acquire U.S. Steel Canada's 44.6% interest and ArcelorMittal Dofasco's 28.6% interest. With the closing of the acquisition, Cliffs now owns 100% of the operation that it has managed since 1965. The Wabush Mines operation includes the Scully Iron Ore Mine near Wabush, Newfoundland, Labrador; the pellet plant and port facilities at Point Noire, Quebec; and integrated rail facilities.

With this transaction, Cliffs adds more than 50 million tons of iron ore reserves and approximately four million tons of incremental iron ore pellet production capacity with access to the seaborne market.

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