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At December 31, 2000, the
Company had an environmental reserve, including its
share of ventures, of $20.0 million ($20.6 million
at December 31, 1999), of which $4.5 million was classified
as current. Payments in 2000 were $1.9 million (1999
– $1.0 million and 1998 – $.9 million).
The reserve includes the Company’s obligations
related to Federal and State Superfund and Clean Water
Act sites where the Company is named as a potentially
responsible party, including Cliffs-Dow and Kipling
sites in Michigan, the Summitville site in Colorado,
and the Rio Tinto mine site in Nevada, all of which
sites are independent of the Company’s iron mining
operations. Reserves are based on Company estimates
and engineering studies prepared by outside consultants
engaged by the potentially responsible parties. The
Company continues to evaluate the recommendations
of the studies and other means for site clean-up.
Significant site cleanup activities have taken place
at Rio Tinto and Cliffs-Dow. Also included in the
reserve are wholly-owned active and closed mining
operations, and other sites, including former operations,
for which reserves are based on the Company’s
estimated cost of investigation and remediation.
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