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Cleveland, OH, United States

Cliffs Natural Resources, formerly Cleveland-Cliffs, is a Cleveland, Ohio business firm that specializes in the mining and beneficiation of iron ore and the mining of coal. The firm is an independent company whose shares are traded on the New York Stock Exchange. The firm has stated that it had approximately 4,000 employees and a 28% share of the iron-ore pellet market. Wikipedia.

Ajotikar N.,Michigan Technological University | Eggart B.J.,Cliffs Natural Resources | Miers S.A.,Michigan Technological University
American Society of Mechanical Engineers, Internal Combustion Engine Division (Publication) ICE | Year: 2010

Internal combustion engines continue to become more compact and require greater heat rejection capacity. This demands research in cooling technologies and investigation into the limitations of current forced convection based cooling methods. A promising solution is the cooling strategy optimized with nucleate boiling to help meet these efficiency and emission requirements. Nucleate boiling results in an increased heat transfer coefficient, potentially an order of magnitude greater than forced convection, thereby providing improved cooling of an engine. This allows reduced coolant flow rates, increased efficiency, and reduced engine warm-up time. A study was conducted to characterize nucleate boiling occurring in the cooling passages of an IC engine cylinder head in a computational as well as experimental domain. The simulation was conducted to understand the physics of boiling occurring in an engine cooling passage and provide support for a potential boiling detection method. The computational fluid dynamics (CFD) simulation was performed for a simplified, two dimensional domain that resembled an engine cooling passage. The simulation results were followed by investigations of a pressure-based detection technique which was proven to be an effective method to detect boiling. An experimental test rig was used which consisted of a single combustion chamber section from a 5.4L V8 cylinder head. Water was used as the coolant. Results demonstrate the phase change physics involved in the boiling in an engine cooling passage, pressure variations in the coolant, heat flux data associated with the onset of nucleate boiling, and a comparison with existing boiling curves for water. Results of the simulation and experimental setup indicated that the change in energy and accompanying increase in pressure values can be related to bubble dynamics and thus provides a potential method to accurately detect nucleate boiling occurrence in an engine cooling system. Copyright © 2010 by ASME. Source

Cliffs Natural Resources | Date: 2010-09-14

A system and method for determining the compressive strength of pellets are presently disclosed. A system includes a moveable feed tray adapted to support a plurality of pellets to be tested, a platen below the moveable feed tray and opposite a ram capable of applying compressive force to a pellet, a drive motor engaging the moveable feed tray, and a compressive force monitoring system including a force sensor. A method includes providing a feed tray and positioning a ram at a first position above a platen, advancing the feed tray to position a pellet at a test position between the ram and the platen, detecting the non-arrival of the pellet at the test position, retracting the ram from the first position, advancing the feed tray and operating the ram to determine the compressive strength of the pellet. Also disclosed is a calibration method for a compression test system.

News Article | July 14, 2015
Site: www.bloomberg.com

If a company has too much debt and too little income, it’s going to struggle to pay its bills, regardless of when its bonds come due. This is a lesson that investors are learning as distressed U.S. bonds suffer their worst performance since 2008. The notes have plunged 7.5 percent so far this year and 3.2 percent this month alone, with some of the biggest losers being the debt of Lightstream Resources Ltd., Peabody Energy Corp. and Cliffs Natural Resources Inc., according to Bank of America Merill Lynch index data. It’s a painful wakeup call for investors who’ve gotten used to high-yield debt being synonymous with big returns in an era of unprecedented Federal Reserve stimulus. Even as companies have pushed back debt maturities and lowered interest expenses, that doesn’t mean they can continue to work magic in the face of a slowing world economy and oil prices that have fallen 51 percent since the 2014 peak. “It seems to us that focusing too much on the maturity wall is probably unhelpful” for determining when corporate defaults will spike up, wrote Ara Lovitt, who manages the GMO Credit Opportunities Fund, a distressed-debt hedge fund at GMO LLC, in a report this month. “Based on the experience of the last three credit cycles, there seem to have been much larger forces at work.” Indeed, the speculative-grade default rate has already begun ticking up from historically low levels, even though most existing corporate bonds don’t have to be repaid for another four years or more. Take American Eagle Energy Company, which filed for bankruptcy after missing the first coupon on a bond it issued just seven months earlier. The corporation is “a recent winner of the credit market’s version of the NCAA (as in ‘No Coupon At All’),” Lovitt wrote. Standard & Poor’s calculates the energy and natural resources default rate at 6.9 percent for the past 12 months from 4 percent six months earlier, and UBS AG analysts expect the rate to accelerate. “How high will energy default rates go?” UBS analysts Matthew Mish and Stephen Caprio wrote in a July 9 report. “We have been very consistent on this question: 10 to 15 percent by mid-2016.” The pool of distressed U.S. corporate bonds, typically those yielding more than 10 percentage points above benchmarks, has swelled to $127 billion, from the low last year of $43.7 billion, Bank of America Merrill Lynch index data show. This month alone, Peabody Energy’s $4.8 billion of bonds have fallen 14.9 percent, while Cliffs Natural Resources’s $2.5 billion of notes have declined 14.6 percent. The most-indebted companies are generally more vulnerable to hiccups, such as oil prices that have fallen to about $52 a barrel from as high as $61.82 last month. The International Monetary Fund this month downgraded its forecast for global growth, and China’s facing a roller coaster in its stock market, as economists forecast its slowest annual expansion since 1990. There’s a reason the highest-yielding U.S. bonds are called distressed.

News Article | July 17, 2015
Site: www.businesswire.com

NEW YORK--(BUSINESS WIRE)--The Trustees of Mesabi Trust (NYSE:MSB) declared a distribution of four cents ($0.04) per Unit of Beneficial Interest payable on August 20, 2015 to Mesabi Trust Unitholders of record at the close of business on July 30, 2015. This compares to a distribution of thirty-two cents ($0.32) per Unit of Beneficial Interest for the same period last year. The decrease in this current distribution of twenty-eight cents ($0.28) per Unit, as compared to the same quarter last year, is primarily attributable to the Trustees’ determination that it is prudent, at this time, to increase the Trust’s unallocated reserve in order to make adequate provision for current and future expenses, potential negative price adjustments which might be applied to future royalties, and to maintain adequate reserves to enable Mesabi Trust to address the numerous challenges that may arise during the current prolonged slowdown in the iron ore and steel industry as further described below. In recent years, the Trustees had determined that Mesabi Trust’s unallocated reserve balance should be maintained within the range of $500,000 to $1,000,000. In April 2015, the Trustees announced that the unallocated reserve balance will no longer be limited to that range for the foreseeable future. Rather, each quarter, as authorized by the Agreement of Trust, the Trustees will review royalty revenues and also reevaluate all relevant factors including all costs, expenses, obligations, and present and future liabilities (whether known or contingent) of the Trust in determining a prudent level of unallocated reserve. The Trustees’ decision to increase the reserve reflects such a reevaluation in light of the current trend of falling prices of both finished steel and iron ore, the slowing of mining operations in the iron ore industry generally, and the unpredictable nature of the iron ore and steel industry. Based on a July 15, 2015 report to the Trustees by Cliffs Natural Resources Inc. (“Cliffs”), the parent company of Northshore Mining Company (“Northshore”) and Northshore, Mesabi Trust expects to be credited with a base royalty of $2,195,905 based on shipments of iron ore pellets by Northshore during the second calendar quarter of 2015. Mesabi Trust also expects to be credited with a bonus royalty in the amount of $1,166,697, based on the average sales price per ton of iron ore pellets and the volume of shipments by Northshore during the second calendar quarter of 2015. Northshore, however, applied in total $186,421 of net negative adjustments related to pricing, unconsumed inventory and freight and sales prices for prior years as well as $289,919 of negative adjustments related to changes in price estimates made during 2015. Based on the Cliffs report, in addition to the royalty payment of $2,886,262 expected be paid to Mesabi Trust by Northshore on July 30, 2015, Mesabi Trust also expects to receive, through the Mesabi Land Trust, a royalty payment of $101,266 from Cliffs. Royalties paid to Mesabi Trust are based on the volume of shipments of iron ore pellets for the quarter and the year to date, the pricing of the iron ore product sales, and the percentage of iron ore pellet shipments from Mesabi Trust lands rather than from non-Mesabi Trust lands. In the second calendar quarter of 2015, Northshore credited Mesabi Trust with 1,315,630 tons of iron ore, as compared to 1,113,443 tons during the second calendar quarter of 2014. The volume of shipments of iron ore pellets (and other iron ore products) by Northshore varies from quarter to quarter and year to year based on a number of factors, including the requested delivery schedules of customers, general economic conditions in the iron ore industry, and weather conditions on the Great Lakes. Further, the prices under the term contracts between Northshore, Cliffs, and certain of their customers (the “Cliffs Pellet Agreements”), to which Mesabi Trust is not a party, are subject to interim and final pricing adjustments, dependent in part on multiple price and inflation index factors that are not known until after the end of a contract year. This can result in significant variations in royalties received by Mesabi Trust (and in turn the resulting amount available for distribution to Unitholders by Mesabi Trust) from quarter to quarter and on a comparative historical basis. These variations, which can be positive or negative, cannot be predicted by the Trustees of Mesabi Trust. Royalty payments received in 2015 and prior years continue to reflect pricing estimates for shipments of iron ore products that were subject to negative pricing adjustments pursuant to the Cliffs Pellet Agreements. Based on the above factors and as indicated by the Trust’s historical distribution payments, the royalties received by the Trust, and the distributions paid to Unitholders, in any particular quarter are not necessarily indicative of royalties that will be received, or distributions that will be paid, in any subsequent quarter or for a full year. With respect to the remainder of calendar year 2015, Northshore has not advised Mesabi Trust of its expected 2015 shipments of iron ore products or what percentage of 2015 shipments will be attributed to the iron ore from Mesabi Trust lands. Cliffs indicated that the royalty payments being reported today are based on estimated iron ore pellet prices under the Cliffs Pellet Agreements, which are subject to change. It is possible that future negative price adjustments could offset, or even eliminate, royalties or royalty income that would otherwise be payable to Mesabi Trust in any particular quarter, or at year end, thereby potentially reducing cash available for distribution to Mesabi Trust’s Unitholders in future quarters. In addition, because the Cliffs Pellet Agreements contain various pricing formulas and price adjustment provisions, the average sales prices received by Mesabi Trust may not match international iron ore pellet prices. This press release contains certain forward-looking statements with respect to iron ore pellet production, iron ore pricing and adjustments to pricing, shipments by Northshore in 2015, royalty (including bonus royalty) amounts, and other matters, which statements are intended to be made under the safe harbor protections of the Private Securities Litigation Reform Act of 1995, as amended. Actual production, prices, price adjustments, and shipments of iron ore pellets, as well as actual royalty payments (including bonus royalties) could differ materially from current expectations due to inherent risks such as general and industry economic trends, uncertainties arising from war, terrorist events and other global events, higher or lower customer demand for steel and iron ore, environmental compliance uncertainties, higher imports of steel and iron ore substitutes, processing difficulties, consolidation and restructuring in the domestic steel market, indexing features in Cliffs Pellet Agreements resulting in adjustments to royalties payable to Mesabi Trust and other factors. Further, substantial portions of royalties earned by Mesabi Trust are based on estimated prices that are subject to interim and final adjustments, which can be positive or negative, and are dependent in part on multiple price and inflation index factors under agreements to which Mesabi Trust is not a party and that are not known until after the end of a contract year. Although the Mesabi Trustees believe that any such forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties, which could cause actual results to differ materially. Additional information concerning these and other risks and uncertainties is contained in the Trust’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K. Mesabi Trust undertakes no obligation to publicly update or revise any of the forward-looking statements that may be in this press release.

CLEVELAND--(BUSINESS WIRE)--SIFCO Industries, Inc. (NYSE MKT: SIF) announced today that it has entered into a definitive agreement to acquire the Italian-based company C*Blade from Riello Investment Partners. Closing will occur following satisfaction of certain conditions and regulatory approvals, currently anticipated by mid- 2015. In an unrelated development, SIFCO also announced that Catherine M. Kramer, Vice President and Chief Financial Officer, will leave the Company, effective April 3, 2015, to return to the private equity industry. C*Blade Acquisition The C*Blade acquisition will deliver important strategic benefits to SIFCO’s target markets of aerospace and energy, including broader reach into the steam turbine market and an opportunity to sell C*Blade’s products in the U.S. market. C*Blade has been in business for more than 50 years and specializes in the manufacture of steam turbine blades and gas compressor blades for the energy market. C*Blade is a best-in-class manufacturer of critical turbine components with strong machining capabilities and a long track record of serving both OEM and aftermarket customers. Located in Maniago, Italy, C*Blade has approximately 150 employees and annual revenues of approximately US $30 million. The acquisition is expected to be accretive to earnings. “C*Blade enjoys a strong reputation for its design expertise and high quality products,” said Michael S. Lipscomb, Chairman and Chief Executive Officer. “We are delighted to have reached an agreement with the C*Blade team and plan to leverage their strong capabilities and competitive advantages to become an integral part of SIFCO’s growth strategy.” Chief Financial Officer Ms. Kramer has served in her current role since January 1, 2013. She joined the Company in 2012 as director of financial planning and analysis after spending four years at Greenstar Capital LLC, where she served as managing director and vice president of strategic planning. “While we are disappointed that Kate will be leaving us, we understand and respect her decision to accept an opportunity in an area that has been an important part in shaping her career success,” said Mr. Lipscomb. “We thank her for her many contributions to SIFCO, and in particular for leading us through our first year as an accelerated filer in 2014, and wish her the very best.” Mr. Lipscomb said a national search is underway for Ms. Kramer’s successor. “We are seeking an individual whose skills and experience support our strategic growth objectives, including global opportunities,” he said. Corporate Controller Thomas R. Kubera will serve as interim Chief Financial Officer. Before joining SIFCO Industries in 2014, Mr. Kubera, a CPA, spent nine years at Cliffs Natural Resources, most recently as Controller - Global Operations Services. Forward-Looking Language Certain statements contained in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future business development activities, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions, competition and other uncertainties detailed from time to time in the Company's Securities and Exchange Commission filings. The Company's Form 10-K for the year ended September 30, 2014 can be accessed through its website: www.sifco.com, or on the Securities and Exchange Commission's website: www.sec.gov. SIFCO Industries, Inc. is engaged in the production of forgings and machined components primarily for the aerospace and energy markets. The processes and services include forging, heat-treating, and machining.

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