Posted in | News | Iron Ore

Cliffs Natural Resources Aims to Raise $1 Billion

Cliffs Natural Resources Inc is hoping to raise $1 billion by selling senior notes. Bonds that carry a coupon rate of 4.8% that will mature in April 2021 will be issued for $700 million worth of notes. These will be offered on March 23, 2011. An additional $300 million worth of notes will be issued on April 1, 2011 and these will be with a coupon rate of 6.25% that will mature in October 2040.

The joint book-running managers for the offering are Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated. The Senior Notes have been rated BAA3 by Moody's Investors Service and BBB- by Standard & Poor's Ratings Services.

The proceeds of the fund raising are likely to help finance a part of the Consolidated Thompson Iron Mines acquisition of Cliff Natural Resources. The international company is the largest producer of iron ore pellets in North America. They are also a major supplier of direct shipping lump and fine iron ore out of Australia. Cliff Natural Resources also is a significant producer of high and low volatile metallurgical coal.

They have three geographical business units that are the North American Business unit, the Asia Pacific unit and the Latin American. They also are developing a biomass production plant in Michigan and Ring of Fire chromite properties in Ontario, Canada.

Joel Scanlon

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.


Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Cleveland-Cliffs Inc. (2019, March 19). Cliffs Natural Resources Aims to Raise $1 Billion. AZoMining. Retrieved on February 24, 2024 from

  • MLA

    Cleveland-Cliffs Inc. "Cliffs Natural Resources Aims to Raise $1 Billion". AZoMining. 24 February 2024. <>.

  • Chicago

    Cleveland-Cliffs Inc. "Cliffs Natural Resources Aims to Raise $1 Billion". AZoMining. (accessed February 24, 2024).

  • Harvard

    Cleveland-Cliffs Inc. 2019. Cliffs Natural Resources Aims to Raise $1 Billion. AZoMining, viewed 24 February 2024,

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type
Azthena logo powered by Azthena AI

Your AI Assistant finding answers from trusted AZoM content

Azthena logo with the word Azthena

Your AI Powered Scientific Assistant

Hi, I'm Azthena, you can trust me to find commercial scientific answers from

A few things you need to know before we start. Please read and accept to continue.

  • Use of “Azthena” is subject to the terms and conditions of use as set out by OpenAI.
  • Content provided on any AZoNetwork sites are subject to the site Terms & Conditions and Privacy Policy.
  • Large Language Models can make mistakes. Consider checking important information.

Great. Ask your question.

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.