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Stock Market & Financial Investment News

News Breaks
February 27, 2014
09:08 EDTCLF, MTCliffs 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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July 29, 2015
16:00 EDTCLFOptions Update; July 29, 2015
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10:58 EDTCLFCliffs Natural Resources sees trade cases as 'game changer' for steel makers
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10:23 EDTCLFCliffs Natural Resources says it has 'ample liquidity'
Says customers updated forecast for prices was "substantially lower" than prior quarter. Says has opportunity to optimize working capital. Says able to maintain cost guidance despite volume cuts. Says it expects to receive anticipated $160M federal tax refund. Sees FY15 SG&A guidance of $120M. Says continues to resolve all issues left from previous regime. Says has moved forward with divestiture of several assets. Says "we control our destiny and our use of cash." Says working diligently with interested buyers for Pinnacle toward a deal, expects to announce in very near future. Says will continue to pursue further cost reduction opportunities in order to stay cash flow positive. Says will be temporarily be idling production at United Taconite facility. Comments taken from Q2 earnings call. In morning trading, shares in Cliffs Natural Resources were down 7.74% to $2.74.
08:21 EDTCLFCliffs Natural backs FY15 capital expenditure budget of $100M-$125M
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08:18 EDTCLFCliffs Natural reports Q2 U.S. iron ore pellet sales volume down 2% to 4.2M tons
Cliffs Natural reports U.S. Iron Ore pellet sales volume in Q2 was 4.2M tons, a 2% decrease when compared to the second quarter of 2014. The decrease was driven by reduced year-over-year export sales and lower demand by U.S. mills, partially offset by improved shipping conditions on the Great Lakes. Cash production cost per ton in U.S. Iron Ore was $56.06, down 9% from $61.37 in the prior year's second quarter. The decrease was driven by a reduction in salaried workforce headcount and overall reductions in employment costs along with a year-over-year reduction in energy rates. This was partially offset by decreases in production volume due to scheduled maintenance and repairs. Realized revenue rates of $78.32 per ton were lower than previously guided as a result of a significant adjustment to the hot-band steel price estimate for one major contract.
08:17 EDTCLFCliffs Natural reports Q2 EPS 39c, consensus (11c)
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05:59 EDTCLFStocks with implied volatility movement; AMGN CLF
Stocks with implied volatility movement; Amgen (AMGN) 30, Cliffs Natural (CLF) 125 according to iVolatility.
July 28, 2015
10:33 EDTMTAK Steel, other producers file trade cases related to cold-rolled steel
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July 23, 2015
05:23 EDTCLFStocks with implied volatility movement; MDLZ CLF
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July 22, 2015
11:34 EDTCLFOptions with increasing put volume and implied volatility: RSX CLF FFIV
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July 16, 2015
17:33 EDTMTSteel Dynamics announces ITC preliminary decision on imports
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