Cliffs Natural Resources Finalizes Interim Energy Agreement With We Energies

(RTTNews) - Cliffs Natural Resources Inc. (CLF) announced that it has finalized an interim power agreement with We Energies for its Michigan operations.

The company stated that this is one key step in a series of contemplated short and long-term agreements that are essential to the viability of its iron ore mines in the Upper Peninsula.

Lourenco Goncalves, Chairman, President and Chief Executive Officer said, "Cliffs Natural Resources is pleased to have reached an agreement with We Energies which positively impacts our costs. The signature of the agreement also benefits the electric consumers in the Upper Peninsula, with the elimination of the onerous SSR payments. We continue to work with Governor Snyder's office as we pursue other power related initiatives to the benefit of Cliffs and the U.P. community."