Cliffs history

In 1883, Mather's oldest son, SAMUEL MATHER, left Cleveland Iron to form the rival firm PICKANDS MATHER & CO. By the end of the decade, Samuel L. Mather began talks to merge Cleveland Iron with its prime competitor, the Iron Cliffs Co., but died before negotiations were completed in 1891. It was incorporated in Michigan in 1850 and reorganized in Ohio 3 years later.

Soon afterwards, the first Soo Locks opened in 1855, allowing iron ore to be shipped from Lake Superior to Lake Erie.

Organized in 1864 by Samuel Tilden, the Iron Cliffs Company held broad mining interests, but suffered from an aging and disinterested management.

Cleveland Iron Mining in 1877 became one of the first firms to use these types of equipment to locate ore bodies.

Mather, who had started his career with Cleveland Iron Mining as a clerk in 1878, served as president for 42 years.

One key merger in 1890, with Jeptha Wade's Cliffs Iron Company led the combined firm to change its name to the Cleveland-Cliffs Iron Company.

In 1891 the company merged with the Iron Cliffs Mining Company to form the Cleveland-Cliffs Iron Company.

In 1892, the firm built the Lake Superior and Ishpeming Railroad to carry iron ore from the mines directly to company-owned docks on Lake Superior.

The company established its first joint venture of this type in 1903 when it leased the Negaunee Mine to a company it co-owned with Bethlehem Steel Corporation.

The Cleveland-Cliffs Iron Co. (1920).

The 618-foot-long (188 m) SS William G. Mather, launched in 1925, is a surviving example of this ship type.

1929: Plans to form a top-ranking steel company through the union of several competitors fail during the onset of the Great Depression.

In 1933, Edward Greene (the son-in-law of Jeptha Homer Wade II) replaced William G. Mather as the head of the company.

Greene reduced Cleveland-Cliff's debt through sale of some timberlands and steel stocks, and the 1935 divestment of Corrigan-McKinney to Republic Steel.

1947: A financial reorganization leads to the union of Cleveland-Cliffs and Cliffs Corporation.

Mather retired in 1952 and was replaced by Greene.

That apprehension came to fruition in 1970, when Cyclops Corporation, a steel company, bought 19 percent of Detroit Steel.

Stuart, Harrison H. The Cleveland-Cliffs Iron Co. (1974).

A pellet plant was built but ceased operation before 1980, following a sharp increase in the cost of diesel fuel.

1982: The company records its first loss since the Great Depression.

Over half of the Marquette Iron Range employees were laid off and, in 1984, Cliffs withdrew from the Great Lakes shipping industry.

In 1985, the company reorganized by forming Cleveland-Cliffs Inc as the parent company and the following year, Cleveland-Cliffs acquired Pickands, Mather, & Co, then one of its chief competitors.

A second loss in 1986 brought the company perilously close to bankruptcy.

By the end of 1987, Cleveland-Cliffs had $126 million in past due loans.

Stock Buyback At ClevelandLEAD: Cleveland-Cliffs Inc., a mining and oil drilling concern, announced a restructuring yesterday, including the repurchase of $170 million of common and preferred stock.March 16, 1988

The company netted $42.8 million on sales of $344.8 million that year, their highest levels for both figures since 1990.

In recognition of this dreadful performance, Fortune indicated in 1991 that some Wall Street pundits dubbed the company's acquisition plan "de-worse-ification."

In 1995, the company launched a $6.1 million expansion project at Northshore Mining.

The firm was reminded of just how cyclical the industry can be however, as ore prices fell and imports increased in 1999.

2001: The firm adds LTV Steel Mining Company's assets to its arsenal.

Cleveland-Cliffs was not able to overcome these difficulties and eventually shut down the plant in 2002.

In early 2003, it gained control of 79 percent of the Empire Mine in Michigan and landed a 12-year pellet sales contract with Ispat Inland Inc.

Chairman and CEO John Brinzo commented on the company's future in a February 2004 American Metal Market article, claiming that "with solid steel demand and improved pricing, most integrated steel producers are operating their mills at high utilization rates.

In June 2007, the company acquired PinnOak, its first domestic coal company, which mined coal in Alabama and West Virginia and once belonged to United States Steel.

Due to its venture into coal, the company changed its name from Cleveland-Cliffs to Cliffs Natural Resources in October 2008.

In January 2010, the company acquired Freewest Resources Canada, giving it large chromite deposits in the Ring of Fire district in the James Bay Lowlands of Ontario, Canada, for $550 million.

On May 5, 2011, the company was added to the Fortune 500.

in July 2013, CEO Joseph Carrabba announced that he would retire by December 31, 2013.

In 2015, it sold those assets for $20 million.

Cliffs announced plans in early 2016 to close the Empire Mine near Marquette, Michigan, terminating the jobs of approximately 400 workers.

In August 2018, the company sold its Asia Pacific iron ore assets.

On March 13, 2020, the company acquired AK Steel Holding for $1.1 billion.