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EVELETH, MN-Cleveland-Cliffs Inc., a Cleveland-based mining company, and Chinese steel producer Laiwu Steel Group have a joint offer to buy some of the key assets of Eveleth Mines LLC, including an iron ore mine and palletizing operations in this town in northeast Minnesota.

Eveleth Mines, also called EVTAC Mining Co., filed a Chapter 11 reorganization in May. The company shut down its operations in northeast Minnesota stopped about the same time, laying off 450 workers. A final decision by Cleveland-Cliff, the largest supplier of iron ore pellets in North America, and Laiwu, one of China’s largest steel companies, to proceed with a bid and reopen the mines will be made after due diligence is completed and a deal is reached with key Eveleth Mines stakeholders. A sale would have to be approved by the U.S. Bankruptcy Court in St. Paul and Eveleth Mine’s creditors.

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