Last €10.91 EUR
Change Today -0.445 / -3.92%
Volume 525.0
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As of 12:32 PM 07/11/14 All times are local (Market data is delayed by at least 15 minutes).

cliffs natural resources inc (CVA) Snapshot

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Day High
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52 Week High
11/5/13 - €21.46
52 Week Low
06/13/14 - €9.96
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Average Volume 10 Days
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cliffs natural resources inc (CVA) 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 (CVA) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: $718.8K
Chief Financial Officer and Executive Vice Pr...
Total Annual Compensation: $415.0K
President of Global Commercial and Executive ...
Total Annual Compensation: $484.1K
Vice President of Asia Pacific Iron Ore
Total Annual Compensation: $449.9K
Vice President Global Marketing
Total Annual Compensation: $430.3K
Compensation as of Fiscal Year 2013.

cliffs natural resources inc (CVA) Key Developments

Cliffs Natural Resources Inc. Amends and Restates Multicurrency Credit Agreement, Dated as of August 11, 2011

Cliffs Natural Resources Inc. entered into Amendment No. 3 to the amended and restated multicurrency credit agreement, dated as of August 11, 2011, among the company, the foreign subsidiaries of the company from time to time party thereto, the lenders from time to time party thereto and Bank of America, N.A., as Administrative Agent. The amendment, among other matters: amended the definition of EBITDA to include certain cash charges related to the company's Wabush mine and other cash restructuring charges; modified the covenants restricting certain investments and acquisitions, the incurrence of certain indebtedness and liens and the amount of dividends that may be declared or paid and shares that may be repurchased; and revised certain financial covenants by replacing the maximum leverage ratio covenant with a maximum balance sheet leverage ratio that requires the ratio to be below 45.0% and (y) resetting the interest coverage ratio to 3.50 to 1.00. The Lenders have in the past provided, and may in the future provide, investment banking, cash management, underwriting, lending, commercial banking, trust, leasing, foreign exchange and other advisory services to, or engage in transactions with, the company, its subsidiaries or affiliates. These parties have received, and may in the future receive, customary compensation from the Company or its subsidiaries or affiliates for such services.

Cliffs Natural Resources Inc. Receives Unanimous Support from Lenders to Amend Existing Unsecured Revolving Credit Facility

Cliffs Natural Resources Inc. announced that it has entered into an agreement to amend its existing $1.75 billion unsecured revolving credit facility with its syndicate of banking partners. The amendment agreement replaces the existing leverage covenant ratio with a Debt-to-Capitalization ratio for the life of the facility in order to provide the Company a more consistent source of liquidity. This amended facility retains substantial financial flexibility for management to continue making prudent business decisions during this period of pricing volatility. Unlike the prior amendment completed in the first quarter of 2013, this amendment addresses the leverage covenant for the life of the facility, while also retaining the full $1.75 billion facility size and the existing maturity date of Oct. 16, 2017. The new amended terms are effective June 30, 2014 and received the unanimous support of the entire lender group, despite requiring only greater than 50% approval.

Cliffs Natural Resources Inc. to Temporarily Idle its Pinnacle Mining Company Mine in Wyoming County and Lays Off 400 Workers

Cliffs Natural Resources Inc. announced it might temporarily idle its Pinnacle Mining Company mine in Wyoming County because of poor market conditions in the metallurgical coal market. If the company moves forward with the six-month shutdown, which would begin August 25, nearly 400 workers could be laid off. The company issued a Worker Adjustment and Retraining Notification Act notice about the potential idling to employees, the United Mine Workers of America, and state and local government agencies Wednesday morning.


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