According to a Thursday Reuters report, Cliffs Natural Resources CEO Joseph Carrabba said that the company plans to increase its US exports of iron ore pellets by up to five times in 2011, to take advantage of high global prices and growing steelmaker demand.
Additionally, fewer exports from India will help support this goal, along with higher labor, energy and material costs in China.
In 2010, Cliffs exported almost 400,000 tons of pellets from the company's Minnesota and Michigan operations, and according to Carrabba, the overseas-bound tonnage should increase to 1-2 million tons in 2011.