Wuhan Iron and Steel
In June 2007, the company acquired PinnOak, its first domestic coal company, which mined coal in Alabama and West Virginia and once belonged to U.S. Steel. Due to its venture into coal, the company changed its name from Cleveland-Cliffs to Cliffs Natural Resources in October 2008. In 2008, the company agreed to acquire Alpha Natural Resources but called off the transaction in November 2008 due to the financial crisis of 2007-2008. It paid a $70 million breakup fee. In January 2010, the company acquired Freewest Resources Canada, giving it large chromite deposits in the Ring of Fire district in the James Bay Lowlands of Ontario, Canada, for $550 million. In 2015, it sold those assets for $20 million. In May 2011, the company acquired Consolidated Thompson Iron Mines from Wuhan Iron and Steel Corporation for C$4.9 billion. The acquisition included Bloom Lake iron ore mine in Quebec. On May 5, 2011, the company was added to the Fortune 500. Its ranking of 477 was based on the company's performance in 2010.