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Stock Market & Financial Investment News

News Breaks
February 27, 2014
09:08 EDTMT, CLFCliffs Natural announces extended supply agreement with ArcelorMittal
Cliffs Natural Resources (CLF) announced that it has entered into a revised commercial agreement with ArcelorMittal (MT) USA to supply iron ore pellets for an additional two years through the end of January 2017, with a mutual option to extend for a third year. In addition, Cliffs and ArcelorMittal USA have also extended their joint partnership for the Empire Mine located on the Marquette Iron Range in Michigan.Previously, Cliffs had announced an impending closure of the Empire Mine. Until the amended commercial agreement was reached with ArcelorMittal, the Empire Mine did not have a customer for pellet production beyond FY14. In addition, the partnership arrangement was scheduled to expire automatically in December, without the mutual agreement of both companies to extend. With this decision, Cliffs and ArcelorMittal will extend the life of this mining operation into FY16. Cliffs is maintaining its FY14 full-year sales and production volume expectation of 22M-23M tons from its U.S. Iron Ore business. Cliffs' FY14 U.S. Iron Ore cash-cost-per-ton expectation is $65-$70. The company said that this extension would require very limited capital.
News For CLF;MT From The Last 14 Days
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May 20, 2015
16:23 EDTCLFCliffs Natural says Wabush has commenced restructuring proceedings
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May 15, 2015
07:53 EDTMTArclorMittal upgraded to Buy from Neutral at BofA/Merrill
BofA/Merrill upgraded ArcelorMittal to Buy and established a $13.75 price target. The firm believes a margin recovery is unfolding in European steel driven by steel export declines out of China and potential trade protectionism in Europe.
May 14, 2015
11:10 EDTMTArcelorMittal calls active on sharp rally
ArcelorMittal June and September 12 calls are active on total call volume of 13K contracts (1K puts). June call option implied volatility is at 37, September is at 35; compared to its 90-day average of 36. Active call volume suggests traders taking positions for large near term price movement.
10:53 EDTMTArcelorMittal gaps up bullishly, levels to watch
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