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Miners Looking To The East; Demand for raw materials surging in China and other Asian countries.(INDUSTRY SNAPSHOT)(METAL ORES)
Byline: ALAN R. ELLIOTT
More than a few jaws dropped in January when U.S. iron ore leader Cleveland Cliffs announced its $465 million takeover of Portman Ltd.
Portman is based in western Australia -- a long trek from Lake Erie's south shore, the home of Cleveland Cliffs. And Portman didn't fit Cleveland Cliffs' usual acquisition profile.
Cleveland Cliffs had risen to the top of the U.S. ore scene by snatching up debt-laden domestic mines on the cheap -- typically from failing steel makers. Portman, in contrast, wasn't cheap.
But it's clear why Cleveland Cliffs is changing its tune: Asian markets. Portman's two mines ship 4.5 million ...
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