For those who missed it, Cliffs Natural Resources, Inc. (NYSE:$CLF) announced yesterday that it has decided to change its name back to its historical moniker, Cleveland-Cliffs, Inc.
Headquartered in Cleveland, Ohio, Cliffs Natural Resources has played a defining role in the North American iron and steel industry for numerous decades. Why is the company reverting back to its old name? Well, the name change is part of the company’s 170th anniversary. It is effective immediately.
“The historical name Cleveland-Cliffs is synonymous with our strong heritage, and is the perfect one for our next era of growth,” said president and CEO Lourenco Goncalves. “As we did more than 60 years ago, when we adopted pelletizing as a smart business opportunity to utilize American iron ore and provide the domestic blast furnaces with customized pellets, Cleveland-Cliffs is once again reinventing itself as the supplier of high-quality iron units to the Great Lakes region.”
“With our expansion into the production of Hot-Briquetted Iron (HBI) to supply the growing electric arc furnace steel industry, Cleveland-Cliffs is the best name to represent our strong present and our bright future.”
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