Cliffs Natural Resources Inc announced that it has reached a settlement agreement with Essar Steel Algoma Inc.

The settlement agreement includes Essar's acceptance of the previously announced arbitration award. In addition to acknowledging the method to calculate the contract prices beginning in 2010 through the duration of the contract, the settlement agreement also finalizes the 2011 contract price.

Mr Donald J Gallagher Cliffs' president global commercial said “We are pleased to announce the settlement with Essar Steel Algoma and value the quality commercial relationships we have had and have reestablished with this important customer. With today's announcement, all major arbitrations and litigations with our North American Iron Ore customers are settled.”