Mine cleanup may cost $4 million - Cleveland Cliffs
Date: 25-Oct-02
Country: USA
The mining company said in a Securities and Exchange Commission filing it had already set aside the money for the clean-up, which it previously estimated at $2 million.
"The extent of any liability related to other potentially responsible parties has not been determined," the company added.
The firm had already disclosed the EPA's investigation of a Milwaukee, Wisconsin plant site that was last operated by a predecessor to Cleveland Cliffs in 1983.
The EPA told the firm last month it had decided certain above-ground storage tanks should be removed, along with "various sections of alleged asbestos-containing materials on pipes and other parts of structures located on the property."
Cleveland Cliff stock traded down about 4 percent or 90 cents to $19.52 in late afternoon trade on the New York Stock Exchange.
