The furnace would be brought on line in the fourth quarter of 2004 and would have an annual production capacity of about one million tons of pellets. The cost of the expansion project is estimated at $23 million.
The board of directors also approved the company's planned restart of an idled furnace at its Northshore facility, which is planned for mid-2005. That plan would have an annual production capacity of about 800,000 tons of pellets. Total capital cost of this project is roughly $29 million.
Cleveland-Cliffs Inc, headquartered in Cleveland, is the largest producer of iron ore pellets in North America and sells the majority of its pellets to integrated steel companies in the US and Canada. The company operates six iron ore mines located in Michigan, Minnesota and Eastern Canada.
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