Cleveland-Cliffs has closed the sale of its Asia Pacific Iron Ore assets to Mineral Resources Ltd. (MRL). With the transaction, Cliffs’ previously disclosed costs of closing the Australian operations were reduced by approximately $85 million, which included asset retirement obligations assumed by MRL.

“With the closure of the sale of the Australian assets, we have now completed our multiyear transformation back to our roots as a supplier of high-grade iron units to the Great Lakes steel industry,” said Lourenco Goncalves, Cliffs chairman, president and CEO.

As a result of the transaction, in the third quarter, Cliffs will be recording a reversal of its currency translation adjustment, which will result in a positive contribution to net income of approximately $230 million, or income of approximately $0.75 per diluted share.