Cleveland-Cliffs Inc, Cleveland, has increased its ownership of the Empire iron mine in Michigan's Upper Peninsula from 35 percent to 79 percent through an agreement with Ispat Inland Steel Co. Under the agreement Cliffs has acquired the entire 25 percent of the mine that was previously owned by LTV as well as a 19 percent interest of the mine from spat's portion. Ispat's ownership is now just 21 percent. Ispat Inland Steel Co. is a subsidiary of Ispat International N.V. Cliffs had been operating the Empire mine under an interim agreement since LTV had ceased operations and had rejected its 25 percent ownership early in the year 2002. Cliffs said the transaction did not require an upfront cash payment to Ispat Inland but only involved the assumption of existing mine liabilities.
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