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cliffs natural resources inc (CLF) Snapshot

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12/30/13 - $27.13
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cliffs natural resources inc (CLF) Details

Cliffs Natural Resources Inc., a mining and natural resources company, produces iron ore and metallurgical coal. It operates five iron ore mines located in Michigan and Minnesota; four metallurgical coal mines located in West Virginia and Alabama; and one thermal coal mine located in West Virginia. The company also operates two iron ore mines in eastern Canada that primarily produce iron ore concentrate and iron ore pellets; Koolyanobbing complex situated in northeast of the town of Southern Cross, which produces lump and fines iron ore; and three North American coal mining complexes. In addition, it owns and operates various exploration projects, such as the Chromite Project located in James Bay lowlands of northern Ontario; the Decar Property situated in British Columbia; and the Labrador Trough South property located in Fermont, Québec. The company sells its iron products to integrated steel companies and Asian steel producers; and metallurgical coal to integrated steel and coke producers in Europe, North America, China, India, and South America, as well as thermal coal to energy companies and distributors in North America and Europe. The company, formerly known as Cleveland-Cliffs Inc., was founded in 1847 and is headquartered in Cleveland, Ohio.

7,138 Employees
Last Reported Date: 02/14/14
Founded in 1847

cliffs natural resources inc (CLF) Top Compensated Officers

Chief Financial Officer, Executive Vice Presi...
Total Annual Compensation: $415.0K
Executive Vice President of Business Developm...
Total Annual Compensation: $484.1K
Compensation as of Fiscal Year 2013.

cliffs natural resources inc (CLF) Key Developments

Cliffs Natural Resources Inc. Announces Termination with Respect to Tender Offers

Cliffs Natural Resources Inc. announced that it has terminated its previously announced cash tender offers for up to a maximum aggregate principal amount of its outstanding (i) 3.95% Senior Notes due 2018 (ii) 5.90% Senior Notes due 2020, (iii) 4.80% Senior Notes due 2020, (iv) 4.875% Senior Notes due 2021 and (v) 6.25% Senior Notes due 2040 that it can purchase for up to $600.0 million in cash, excluding accrued and unpaid interest. The Tender Offers are being terminated because the Company's debt refinancing has been postponed due to perceived adverse market conditions. As a result of the termination, none of the Securities that have been tendered in the Tender Offers will be accepted for purchase and no consideration will be paid or become payable to holders of Securities who have tendered their Securities in the Tender Offers. All Securities previously tendered and not withdrawn will be promptly returned or credited back to their respective holders.

Cliffs Natural Resources Announces Quebec Mine Layoffs

Cliffs Natural Resources is starting to lay off workers at the Bloom Lake mine in Quebec in preparation for shuttering the operation next month. The Cleveland-based company said it will suspend activities at the mine, 30 kilometres southwest of Labrador City, by year-end. Cliffs said last week it would exit Eastern Canada amid low iron-ore prices after failing to find partners to share the cost of a $1.2 billion expansion required to make the operation viable.

Cliffs Natural Resources Inc. to Shut Down Bloom Lake Iron Ore Mine in Northeastern, Quebec

Cliffs Natural Resources Inc. is preparing to shut down its money-losing Bloom Lake iron ore mine in northeastern Quebec amid rock-bottom prices for the mineral and high operating costs. It has already closed a Labrador iron ore property at Wabush and reported it is looking to sell its chromite deposits in northern Ontario's Ring of Fire. Cliffs has spent hundreds of millions of dollars developing the high-potential Ring of Fire deposit and the existing Lake Bloom operations, but has run into a series of roadblocks, including a five-year low for iron ore prices, slumping Chinese demand and major delays in getting agreements with Ontario and First Nations over essential infrastructure for the Ring of Fire.


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