Cliffs Natural to include non-cash impairment charges in Q4 results Cliffs Natural announced that as a result of its goodwill impairment test conducted in the fourth quarter of 2012, the company has determined that approximately $1B of goodwill related to Cliffs' 2011 acquisition of Consolidated Thompson Iron Mines Limited is impaired. The goodwill impairment charge will be recorded as a non-cash expense for the year ended Dec. 31, 2012. The impairment is primarily driven by the project's anticipated lower long-term volumes and higher capital and operating costs. The previously announced delay of the Phase II expansion of the Bloom Lake mine also contributed to the impairment. Cliffs also indicated it expects to incur $100M-$150M of other charges related to its Eastern Canadian Iron Ore business segment.
United Steelworkers union prepares for week of strike action The United Steelworkers union said it is preparing for a "busy week of events" at U.S. Steel (X), ArcelorMittal (MT), and Cliffs Natural (CLF), as the union's steelworkers prepare for various strike actions and rallies from August 19-21. USW notes that contract negotiations with the companies "continue to proceed slowly," though it reassured that the union committee "continues to meet both internally and with management as the process continues." Reference Link