Marquette, MI – (Great Lakes Radio News) – Changes are continuing in the holdings of Cliffs Natural Resources.
The company has entered into a definitive agreement to sell its Logan County Coal assets in southern West Virginia.
The company is selling the operation to Coronado Coal II LLC for $175 million in cash.
Cliffs is planning to use the cash proceeds for debt repayment.
The company says the sale is an important step in executing their strategy to transform Cliffs into a stronger U.S. iron ore supplier.
They add Cliffs will continue to explore sale options for its other coal assets.
The close of the sale is subject to regulatory approval and is expected to be complete by the end of this year.