The closing of the transaction, which is subject to customary closing conditions including Hart-Scott-Rodino review, is expected to take place within 60 days of the execution of the agreement.
INR, through its West Virginia operations, acquired in late 2007, serves several domestic and international steel mills and power generators.
INR’s West Virginia operations currently include two underground metallurgical coal mines, the Powellton and Chilton-Dingess mines, one surface mine — the Toney Fork 2 mine and the Saunders Preparation Plant and Elk Lick Loadout. INR is also developing several additional underground mines within the same Buffalo Creek mining complex.
Gary Rogliano, CEO of INR Energy, said: “Cliffs presented an attractive offer to INR along with its assurance that it plans to retain the current operational management teams, continue to aggressively grow the business and treat our employees fairly and equitably. Because of those assurances, INR’s Board voted to approve the transaction.”
