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Cleveland-Cliffs facing arbitration claim over allegedly unpaid royalties

Cleveland-Cliffs Inc. is facing an arbitration claim from New York-based Mesabi Trust over royalties on the Peter Mitchell iron ore mine in Minnesota.

Cleveland-Cliffs unit Northshore Mining Co. mines ore from the mine and pays a royalty to Mesabi based on the selling prices of pellets shipped from the Northshore pellet plant.

In a case filed with the American Arbitration Association, Mesabi alleged that Northshore failed to record and calculate royalties related to the production, shipment and sale of iron ore, including direct reduction-grade pellets, during the second and third quarters.

The royalty trust is seeking an award of damages, along with specific performance and declaratory relief. No specific figures were disclosed in the Dec. 9 news release.

Cleveland-Cliffs recently agreed to acquire AK Steel Holding Corp. for US$1.1 billion.