NEW York-listed Cleveland-Cliffs Inc, North America's largest producer of iron-ore pellets, has made a US dollar 465 million (A dollar 605 million) cash offer for Perth-based Portman Ltd, Australia's third-largest iron-ore producer. Portman's board of directors has unanimously recommended the offer. Cleveland-Cliffs, which sells most of its iron-ore pellets into domestic markets, said the acquisition of Portman would allow it to diversify its customer-base outside North America. Portman exports around 75 percent of its 6 Mt/y iron-ore production to China and the balance to customers in Japan.
展开▼
