SUBSEQUENT EVENTS |
6 Months Ended |
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Jun. 30, 2017 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS |
NOTE 19 - SUBSEQUENT EVENTS
On July 18, 2017, all conditions were satisfied to complete a court-supervised sale of the Wabush Scully Mine assets to a third-party buyer. The buyer agreed to provide replacement financial assurance for environmental obligations of the Wabush Scully Mine, thus eliminating the Company's liability. As a result of this arrangement, the remaining guarantee instruments that supported the Wabush Mine environmental obligations are in the process of being cancelled and, as a result, in the third quarter of 2017, the Company will eliminate the Guarantees liability balance recorded as of June 30, 2017 of $38.5 million. We expect the closing of this sale to result in a gain of approximately $30 million during the third quarter of 2017.
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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