Summary of the project.

May 12th, 2015
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In 1980, Cleveland Cliffs of Cleveland noticed the shift in demand from blast-furnace-based steel manufacturing to arc furnaces which uses iron ore as their source of iron unlike Cleveland Cliffs.

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Project Risk Management and Circored Project[Student's name][Professor's name][Course title][Date]Summary of the projectIn 1980, Cleveland Cliffs of Cleveland noticed the shift in demand from blast-furnace-based steel manufacturing to arc furnaces which uses iron ore as their source of iron unlike Cleveland Cliffs. In 1995, Cleveland Cliffs signed a partnership with German company Lurgi Metallurgie for the development of the required product through Circored process. In late 1995, both companies decided to use this unique and new technology. Another company, LTV joined the partnership and ownership divided in the way that Cleveland Cliffs and LTV steel got forty six point five percent (46.5%) each while Lurgi got seven percent (7%) ownership. The prices for per ton delivered was set to be one hundred forty-five dollars. This low cost per unit tactic increased the demand of the product but the problem was after-tax return which was very low. To cover this ambiguity, they revised the facility and then the technical plan was approved with a capital cost of one hundred and seventy million dollars. Bechtel Canada was given the charge of the construction management contractor. Lurgi was responsible for supply as a subcontractor. A clash started between Lurgi and Bechtel due to financial and personal problems. Negligence of project manager of Cleveland Cliffs also added number of problems [Lecture Slides]. In May 1999, the plant started and faced many problems wh

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