Cliffs acquires chromite company

Cliffs Natural Resources, owner of Northshore Mining and United Taconite, will acquire a Canadian-based company that mines chromite, a mineral used for industrial purposes.

Cleveland-based Cliffs is set to buy three chromite deposits from Montreal-based Freewest Resources, said a news release today.

“This long-term project is consistent with Cliffs’ stated strategy to broaden its mineral diversification and opens the door tp a new universe of customers," said Cliffs’ Chairman, President and CEO Joseph A. Carrabba in a news release. "In addition to furnishing the raw-material needs of carbon steel producers, we will become a supplier to producers of stainless steel."