Cleveland-Cliffs' Asia Pacific iron ore (APIO) operations ran at negative sales margins in the fourth quarter of 2017, the Cleveland, Ohio-based company said in reporting its quarterly earnings on Thursday January 25. The division consists of the Koolyanobbing complex in western Australia. Cleveland-Cliffs chairman, president and chief executive officer Lourenco Goncalves noted during the subsequent conference call with analysts that he had vowed that "I would not tolerate a loss-making performance in APIO." Still, he praised the employees in the division for keeping the business viable for "much longer than we thought." The company outlined a scenario that would see Koolyanobbing cease mining operations toward the end of 2018. Executive vice president, chief financial officer and treasurer...https://www.metalbulletin.com/Article/3783128/Home/US-based-iron-ore-miner-Cleveland-Cliffs-planning-to-end-Australia-ops.html