Cleveland-Cliffs’ 80.4 percent ownership position in Portman Limited, an Australian iron ore mining and exploration operation serving the Asian iron ore markets with direct-shipping fines and lump ore, is overseen by Cliffs’ Asia-Pacific business unit. Its 2005 purchase extends Cliffs’ reach beyond North America to Australia and Asia, providing access to the world’s most rapidly growing steel market and relationships where Cliffs’ iron ore competencies can be levered.
Portman expanded its capacity from six million to eight million tonnes in 2006, with production fully committed to steel companies in China and Japan. It has 89 million tonnes of proved reserves and an active exploration program.
