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.
7 Mpls Gang Members Indicted for Conspiracy to Sell Drugs in Duluth, Greater Minnesota
A federal grand jury has indicted alleged members of the Taliban gang and the Young N Thuggin gang for conspiring to distribute crack cocaine in Duluth, St. Cloud and the Twin Cities.
Ice Caves to Reopen Thursday Morning
After a short closure, the Apostle Islands National Lakeshore says they will be reopening the ice caves to the public at 7 a.m. Thursday.
Spring Ice Breaking Postponed in the Twin Ports
The U.S. Coast Guard Cutter Alder was scheduled to start ice breaking operations on Wednesday, but a public information officer tells Eyewitness News that date has been postponed. He said they will probably go out next week or a little later.
State-Bound Hounds: Duluth East Honors Hockey, Robotics, Diver
With three state championships and 22 tournament appearances under their belt, the Duluth East boys hockey team is used to being in the spotlight, but Wednesday, they were happy to share that with a handful of other state-bound hounds.
Go Red For Women: Challengers Have Success
Women who've taken a heart health makeover challenge have lost weight, reduced stress, and lowered their cholesterol levels. And it was time to celebrate them on Wednesday.