Cliffs Expands Interest in Chromite

Cliffs Natural Resources is getting into the stainless steel business.

Cliffs has purchased deposits of the raw material chromite, from the Canadian company, Freewest Resources. Chromite is used to make ferrochrome, which is then used to make stainless steel.

There are no companies in North America that produce ferrochrome. Cliffs officials said today they are planning on building a plant near Thunder Bay, Ontario.

Cliffs’ spokesperson Maureen Talarico said, “This acquisition puts us at a geographical advantage in serving North American customers and global clientele.

Cliffs also owns or manages three taconite mines in the northland.

.......RL