Cliffs Natural To End Joint Venture With Michigan Iron Nuggets

According to the Wall Street Journal Cliffs Natural Resources Inc. Is in the process of ending their joint venture. With Michigan iron nuggets Kobe Steel as Cliffs Natural Resources, the coal and iron-ore producer looks to concentrate on it core business.

With only 10 employees assigned to the project by Cliffs they will be redeployed within the organisation in different departments. This venture was originally initiated in 2007 with the aim of producing a substitute to pig iron, Cliff’s iron ore assets combined with Kobe’s technology.

Although chairman and Chief Executive Joseph Carrabba  has said that the company was dissapointed because. They were unable to advanced forwarded as they had hope to. But had acknowledged that the company had to focus on the company’s other priorities.

Even tho Cliff’s earning have been rising rapidly in recent quarters as both sales volume and prices rise.

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