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The former Cleveland Iron Mining Co. was a survivor of this shakeout, purchasing many of its competitors. One key merger in 1890, with Jeptha Wade's Cliffs Iron Company led the combined firm to change its name to the Cleveland-Cliffs Iron Company. [8] The company invested substantially to improve the logistics of iron-ore transport.
Cleveland-Cliffs offered the company roughly $7.3 billion for a buyout in July 2023, though it was rebuffed. In a lawsuit filed earlier last week, ...
Cleveland-Cliffs CEO Lourenco Goncalves said Monday he had a plan to buy U.S. Steel as he launched a tirade against Japan, calling the close U.S. ally “evil” during a news conference. “I ...
The Cliffs Erie Railroad (reporting mark LTVX) was a railroad that operated from Hoyt Lakes to Taconite Harbor, Minnesota. The railroad opened in 1956 by Erie Mining Company to transport taconite from Hoyt Lakes to Taconite Harbor. In 1989, LTV Steel purchased Erie Mining and the railroad was renamed LTV Mining Railroad.
Nevertheless, shares of Cleveland-Cliffs, Nucor, Steel Dynamics, U.S. Steel and Alcoa all rallied. Cleveland-Cliffs soared 15%, Nucor jumped 7%, Steel Dynamics gained 5%, U.S. Steel rose 4.5% and ...
Samuel Mather was the co-founder of the Cleveland Iron Mining Company, one of the two predecessor companies of Cleveland-Cliffs. [33] Steel company mergers meant fewer customers for ore, which would drive down ore prices. Mather believed he had to have a much stronger relationship with these newly-merged companies. [32]
Cleveland Cliffs made an unsolicited $8.3 billion cash and stock offer for US Steel last year that was supported by the union, but it was rejected by the company. The nation’s automakers ...
Mather was born in Cleveland, Ohio and attended Trinity College for his undergraduate and MA degrees. Mather headed the Cleveland-Cliffs Iron Company for 50 years from 1890 through 1940. During his tenure he consolidated several mining operations and diversified into iron-ore industries and steel operations.