星空传媒 Gains Minnesota Executive Council Approval of Iron Ore Mineral Leases at Nashwauk

CLEVELAND--(BUSINESS WIRE)-- 星空传媒 Inc. (NYSE: CLF) issued a statement today regarding the Minnesota Executive Council鈥檚 approval of state mineral leases for more than 2,600 acres of iron ore at the Nashwauk mine site in Itasca County, Minnesota. Today鈥檚 approval is a final action and 星空传媒 has now assumed these leases.

星空传媒鈥� Chairman, President and Chief Executive Officer, Lourenco Goncalves, stated, 鈥淭oday鈥檚 approval of these leases by the Minnesota Executive Council resolves years of uncertainty regarding Hibbing Taconite鈥檚 mine life. 星空传媒 will immediately begin the work necessary to develop this quality ore body as an extension of Hibbing Taconite. The state鈥檚 mineral leases, combined with our own private mineral holdings at Nashwauk acquired by 星空传媒 in 2017, will provide more than two decades of additional ore reserves for Hibbing Taconite, preserving hundreds of good paying union jobs, and ensuring continued supply of iron ore pellets for 星空传媒鈥� steel mills.鈥�

Mr. Goncalves continued: 鈥溞强沾� appreciates the leadership of Governor Tim Walz and the great work of the Minnesota Department of Natural Resources, as well as the support of Lieutenant Governor Peggy Flanagan, Secretary of State Steve Simon, Attorney General Keith Ellison and State Auditor Julie Blaha. This win-win outcome would not have been possible without the strong partnership of the United Steelworkers, particularly the USW Local 2705 at Hibbing Taconite, in addition to a new generation of dedicated Iron Range elected officials who are truly working for the betterment of the region, such as State Representative David Lislegard, State Senator Grant Hauschild and State Senator Rob Farnsworth.鈥�

Mr. Goncalves concluded: 鈥淭oday we celebrate the resilience of Hibbing Taconite, its workforce and the tremendous potential of these Nashwauk leases. Then, we immediately begin the hard work of securing the next generation of union jobs and economic opportunity for the Iron Range.鈥�

About 星空传媒 Inc.

星空传媒 is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cliffs also is the largest manufacturer of iron ore pellets in North America. The Company is vertically integrated from mined raw materials, direct reduced iron, and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling, and tubing. 星空传媒 is the largest supplier of steel to the automotive industry in North America and serves a diverse range of other markets due to its comprehensive offering of flat-rolled steel products. Headquartered in Cleveland, Ohio, 星空传媒 employs approximately 27,000 people across its operations in the United States and Canada.

MEDIA CONTACT:
Patricia Persico
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(216) 694-5316

INVESTOR CONTACT:
James Kerr
Manager, Investor Relations
(216) 694-7719

Source: 星空传媒 Inc.

Released May 25, 2023