Magnetics Business & Technology - July/August 2020 - 25

INDUSTRY NEWS

cal steel under Section 232. In support, Goncalves made clear to
Secretary of Commerce, Wilbur Ross, that unless this circumvention is immediately addressed, the company will have no choice
but to close the two plants, threatening the worker's jobs and the
security of America's power grid.
Most recently, in May, Goncalves praised the U.S. Department of
Commerce's self-initiation of an urgent Section 232 investigation
covering laminations for stacked transformer cores, stacked and
wound transformer cores, electrical transformers, and transformer
regulators. The investigation will look into circumvention of national security tariffs covering GOES using laminations and cores
cut in Mexico and in Canada as means for tariff evasion.
"We are confident that this self-initiated investigation will reinforce
the critical nature of ensuring a reliable domestic supply of GOES

to support electric power distribution, and will address
the circumvention of national security tariffs involving transformer lamina
tions and cores of GOES," he commented.

As a result of the acquisition, Cliffs, headquartered in Cleveland,
OH, now is a much bigger entity, employing nearly 12,000 people
across mining and steel manufacturing operations in the U.S.,
Canada and Mexico, with revenues of about $8 billion. Prior to the
close, the all-stock transaction was valued at about $1.1 billion
plus Cliffs assumed about $2.4 billion in AK Steel debt.
Operationally, counting annual revenues and employees of the
two companies, Cliffs ended up roughly quadrupling in size. Prior
to the deal, Cliffs had revenues of about $2 billion in 2019 and approximately 2,370 employees, AK Steel had $6.4 billion revenues
in 2019 and about 9,500 employees.
For more information, visit www.clevelandcliffs.com.

will reinforce
"We are confident that this self-initiated investigation
the critical nature of ensuring a reliable domestic supply of GOES

the circumto support electric power distribution, and will address
vention of national security tariffs involving transformer laminations and cores of GOES," he commented.

The Pioneer In
Advanced Magnetics

Founded in 1847, Cliffs now becomes uniquely positioned to
supply both customized iron ore pellets and, through AK Steel,
sophisticated processed steel products. Cliffs is a major supplier
of iron ore pellets from its mines and pellet plants in Michigan and
Minnesota. The mines currently have an annual rated capacity of
27.4 million long tons of iron ore pellet production, representing
55% of total U.S. pellet production capacity. In 2020, Cliffs also
expects to be the sole producer of hot briquetted iron (HBI) in the
Great Lakes region from its new plant in Toledo, OH.

With over 60 years of technical magnet expertise, Integrated
Magnetics specializes in design-to-specification & build-to-print:
* Off-the-shelf magnets
* Custom magnets
* Custom magnetic assemblies
* Custom electrical machines -
servo motors, actuators,
LVDTs, RVDTs & more.

Cliffs is the largest and oldest independent iron ore mining
company in the U.S. Widely recognized for innovation in iron ore
mining and processing technologies, including strong sustainability and green initiatives, Cliffs produces various grades of pellets,
including standard, fluxed and DR-grade, for North American steel
customers.
The acquisition also solidifies demand for Cliffs' pellet offtake, with
potential for growth into merchant pig iron. The combined company will ensure pellet volume commitments to AK Steel's blast
furnaces along with Cliffs' HBI plant to complement its existing
long-term minimum volume pellet offtake agreements with other
key integrated steel producers. The briquettes, shown below at
right next to the pellets, enable advanced and more environmentally friendly steel production.
www.MagneticsMag.com

www.intemag.com
800-421-6692
info@intemag.com

Engineering Expertise * In-House Production Facilities
Environmental Testing * Assembly * Class-1000 Clean Rooms
Machining * Milling * Turning * Grinding * Winding
EDM * Chemical Cleaning * Inspection & Test
US Based Manufacturer with
Plants in Culver City, CA
Tucson, AZ & Nogales, Mexico

July/August 2020 * Magnetics Business & Technology

http://www.clevelandcliffs.com/English/home/default.aspx http://www.intemag.com http://www.MagneticsMag.com http://www.MagneticsMag.com

Magnetics Business & Technology - July/August 2020

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