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Gold/Mining/Energy : Cleveland-Cliffs

CLF 13.75

-0.9%

9:30 AM EST

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From: Condo	4/12/2008 2:59:58 AM
	of 14

Apr. 14, 2008 (Investor's Business Daily delivered by Newstex) -- What does a mining company do when all the top-grade ore has already been dug up? That's the situation in the United States. Cleveland-Cliffs (CLF) saw it as an opportunity. It became the biggest U.S. iron ore miner by going after second-tier iron ore. From a global perspective, Cleveland-Cliffs' annual sales of $2.29 billion are small, dwarfed by mining giants such as BHP Billiton (BHP), whose sales reached $47.5 billion last year. But 160-year-old Cleveland-Cliffs is the biggest U.S. miner of iron ore, accounting for 40% of domestic production. That position has helped it cash in on insatiable global demand as emerging markets such as China and India modernize their infrastructures and expand their consumer classes. Cleveland-Cliffs' sales have grown at double-digit rates for 10 straight quarters, and shares have more than doubled in the last year. (...more...) money.cnn.com

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