sentences:  In 2003 Cleveland-Cliffs, in a joint venture with Laiwu Steel Group of China, purchased the assets of bankrupt Eveleth Mines LLC and formed United Taconite.In the years following the introduction of steel tariffs, a sharp increase in steel production in China and other developing countries led to a significant upswing in the price of global iron ore.This trend benefited Cleveland-Cliffs after the two lean decades that had preceded it.