Jan. 6, 2011 - Cliffs Natural Resources Inc. today announced the receipt of $129 million in "true-up" payments from Essar Steel Algoma, Inc. These payments are related to the portion of revenue from 2010 pellet sales that were disputed in a previously disclosed arbitration. Despite this cash payment, Essar Steel Algoma is maintaining a court application to vacate the arbitration award which Cliffs is vigorously contesting. Cliffs also indicated that Essar Steel Algoma has agreed to pay a provisional per-ton rate determined through the arbitration process for all 2011 shipments until final pricing is determined through its supply agreement.
