Theyre Mining Iron, But It Looks Like Gold

Theyre Mining Iron, But It Looks Like Gold

The iron ore business is going gangbusters.

Cleveland-Cliffs on Thursday reported revenues of two billion dollars in 2006. That’s a 15 percent increase over 2005 and the highest revenue in company history.

CCI produced fewer iron ore pellets last year, but was able to charge a higher price. Demand is especially strong from Asian steel producers.

“Right now the outlook for the industry is solid,” says CCI spokesman Dale Hemmila. “It looks like as we go into the year, the company and its operations will operate near capacity.”

The President of North American Iron Ore for Cliffs, Don Gallagher, is scheduled to give an update on the Marquette Iron Range in Marquette.

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