The Rising Influence of Rising Affluence

[DewDiligence]

CLF Wins Pricing Arbitration with Steelmaker

[This redefinition entitles CLF to apply a 2010 benchmark price for iron pellets that’s 95% higher than the 2009 price. Please see the PR in #msg-56398409 (about 2/3 of the way down) for CLF’s prior statement regarding the impact of this settlement.]

http://finance.yahoo.com/news/Cliffs-Natural-Resources-Inc-prnews-2271046218.html?x=0&.v=1

›Cliffs Natural Resources Inc. Announces Successful Resolution of Arbitration with Essar Steel Algoma, Inc.

December 17, 2010, 7:21 pm EST

CLEVELAND, Dec. 17, 2010 /PRNewswire/ -- Cliffs Natural Resources Inc. (NYSE:CLF) (Paris:CLF.pa) today announced that the Company was successful in its previously disclosed arbitration with Essar Steel Algoma, Inc. In a binding decision by the American Arbitration Association, an arbitration panel redefined world prices for blast furnace pellets, a factor used in determining annual price increases or decreases under Cliffs' supply agreement with Essar Steel Algoma. This redefinition currently entitles Cliffs to use an increase in excess of 95% over 2009 prices for seaborne blast furnace pellets in the supply agreement's pricing formula. With today's final award, Cliffs anticipates collecting a cash payment in the near term from Essar Steel Algoma for the portion of revenue from 2010 pellet sales that were disputed in the arbitration.‹