Cleveland-Cliffs has entered into a definitive agreement to sell substantially all of the assets of its Asia Pacific Iron Ore business to Mineral Resources Ltd., an Australian mining services company with existing mining operations across multiple commodities, including iron ore. Cliffs’ previously disclosed costs of closing the Australian operations are expected to be reduced by approximately $65 million to $75 million based on Mineral Resources assuming certain obligations and Cliffs reaching negotiated settlements with other third parties.
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