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Mine cleanup may cost $4 million - Cleveland Cliffs |
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| USA: October 25, 2002 | ||
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WASHINGTON - Mining company Cleveland-Cliffs Inc. said Thursday the Environmental Protection Agency had informed the firm it would pay as much $4 million as part of an alleged asbestos and structures clean-up at one of its plant sites.
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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.
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REUTERS NEWS SERVICE
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