abc
QUICK LINKS:

CEO of Cliffs on Finances, Outlook

Updated: 03/06/2014 6:27 PM
Created: 03/06/2014 3:25 PM WDIO.com

He's only been on the job for 100 days, but the CEO of Cliffs Natural Resources, Gary Halverson, has been very busy.

Part of his duties have included some major restructuring of the company's assets. According to a news release from Cliffs, he suspended their chromite project in Canada, and have idled other under-performing projects.

He told the community leaders at the annual Cliffs' breakfast on Thursday, that he is focusing on financial discipline, making the company leaner, and improving the bottom line.

"We have to make sure we're prepared for the worst, and hope for the best. We're in a volatile industry. We can't control commodity pricing, because that's based on supply and demand. But we can control how efficiently we operate," he said. 

In recent months, one of Cliffs' shareholders, Casablanca Capital, has aggressively pushed their own business proposals on Cliffs, urging the company to make more money.

And in an open letter to shareholders, Cliffs said they are taking steps to create shareholder value.

In regard to the outlook for U.S. Iron Ore, which is a core priority of their company, Halverson said he sees modest growth in the domestic steel industry. He cited an expected increase in vehicle production and steel production in general. "We're projecting 22-23 million tons of pellets in 2014," he said.

Halverson also commented on the importance of people. "We have 7,000 employees. Our best asset are our people," he said.

Front Page

  • Hennepin Co. Prosecutor Files Petition to Protect Adrian Peterson's Son

    The Minnesota Vikings star running back was charged with a felony in Texas for using a wooden switch to spank his son while he was visiting Peterson's home in May. Peterson said he was using a form of discipline his father used on him as a boy.

  • 29 Interested in Growing Minnesota Medical Pot

    The Minnesota Department of Health says it has received 29 letters of intent from people interested in growing medical marijuana under the state's new program.

  • Balloons were able to inflate in 2013, but could not take off.  Organizers are hopeful for better weather conditions this year. Balloon Festival Underway in Bayfront Park

    If the weather cooperates, something that hasn't happened for more than a century in Duluth could happen this weekend.  If not, visitors to "Le Festival des Montgolfieres a Duluth" will still be able to enjoy numerous free family activities.

  • Ironwood Man Convicted of Child Enticement

    An Ironwood man has pleaded no contest to a felony child enticement charge after allegedly traveling to a northern Wisconsin community to meet what he thought was a 15-year-old girl.

  • Poll: Support for PolyMet Mine Has Declined

    A new poll shows support for a proposed copper and nickel mine in northeastern Minnesota has declined. The poll for the Star Tribune shows 40 percent of Minnesotans surveyed approve of PolyMet's plans.

 
Advertisement