Mining firm Cleveland-Cliffs, North America’s largest producer of iron pellets, agreed to buy Appalachian coal producer Alpha Natural Resources for $10 billion. The combined company, Cliffs Natural Resources, will own nine iron ore plants and more than 60 coal mines in the Americas and Australia. Cleveland-Cliffs said the deal will help it compete in providing raw materials to the booming global steel industry. (Bloomberg)
FOLLOW THE WEEK ON FACEBOOK
The bottom line
July 16, 2008
Try 4 Risk-Free Issues of The Week magazine.
of The Week magazine.