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      Cliffs drops nugget project

      The Michigan Iron Nugget joint venture with Kobe Steel was to be a $200 million project at the Empire Mine. Tuesday afternoon, Cliffs Natural Resources announced they are ending the project.

      The idea was announced with much fanfare in August 2007.

      The plant would have made feedstock nuggets for electric arc furnaces and foundry markets and would run out of the Empire Mine.

      Cliffs says it conducted feasibility studies and concluded to stick with their core business and dissolve the joint venture.

      Less than ten employees were working exclusively on the project for Cliffs. They will be reassigned within the company.