The U.S. Bankruptcy Court for the District of Delaware reaffirmed the 2017 Cleveland-Cliffs Inc. acquisition of land located in Nashwauk, Minnesota. The ruling resolved the land dispute in favor of Cliffs and Glacier Park Iron Ore Properties LLC. The court also determined that Mesabi Metallics LLC’s lease rights terminated on October 31, 2017, when it failed to exit bankruptcy by that date. The properties acquired by Cliffs include parcels that were previously leased by Glacier Park to Mesabi Metallics, formerly known as Essar Steel Minnesota. With the decision, Cliffs expects to be able to utilize the acquired real estate interests to implement a financially sustainable plan for the site. The land interests include a combination of undivided and whole fee interests as well as mineral and surface leases, all lying within the Biwabik Iron Formation. The acreage acquired is approximately 553 acres and the acreage being leased is approximately 3,215 acres.
