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Stock Market & Financial Investment News

News Breaks
April 25, 2014
10:30 EDTCLFCliffs Natural says keeping FY14 outlook intact
Says welcomes open communication with shareholders, committed to acting in best interests of shareholders. Says will not comment on Casablanca Capital situation. Says company must strive for continuous improvement in lowering cost profile. Says maintaining FY14 sales volume and cash cost per ton guidance. Says continue to look for opportunities to reduce overhead. Says company experienced 70 days of minus 30 degree Fahrenheit weather this winter. Expect tightness in the pellet market to continue into Q2. The company is maintaining U.S. iron ore sales volume expectation of 22M-23M tons. Says maintains 14 North American Coal expected sales and production volumes of 7-8M tons. Says near term target is to reduce debt profile. Sees FY14 CapEx approximately $375M-$425M. Expected effective tax rate 24% for FY14. Sees SG&A expenses $200M excluding severance related costs. Comments made during the company's Q1 earnings conference call
News For CLF From The Last 14 Days
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March 26, 2015
07:36 EDTCLFCliffs CEO says 'absolutely confident' in liquidity, Bloomberg reports
Cliffs Natural CEO Lourenco Goncalves told Bloomberg in a telephone interview, "Based on our current outlook and our contracts in place with our clients, we are absolutely confident that we have enough liquidity to run through the down cycle." The comments followed Cliffs' $540M sale of senior secured notes.
March 25, 2015
16:00 EDTCLFOptions Update; March 25, 2015
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March 23, 2015
07:07 EDTCLFCliffs Natural agrees to sell Chromite assets to Noront for $20M
Cliffs Natural Resources announced that it has entered into a definitive agreement to sell its Chromite assets in Northern Ontario, Canada to Noront Resources Ltd. for $20M. The transaction is comprised of the chromite deposits and associated claims held by Cliffs. The sale of these assets to Noront, an experienced mining company with a strategic interest in the Ring of Fire region, further demonstrates execution of Cliffs' strategy which includes divesting non-core assets and focusing on being the major supplier of iron ore pellets to the North American steel industry. Moelis & Company acted as financial advisor to Cliffs Natural Resources.
March 19, 2015
08:24 EDTCLFCliffs Natural says Bank of Nova Scotia files lawsuit against company
Cliffs Natural (CLF) said in a filing that as previously disclosed, on January 27, the company announced that Bloom Lake General Partner Limited and certain of its affiliates, including Cliffs Québec Iron Mining ULC commenced restructuring proceedings in Montreal, Québec, under the Companies’ Creditors Arrangement Act. Certain obligations of the Bloom Lake Group, including equipment loans, are guaranteed by the Company. On March 16, The Bank of Nova Scotia (BNS) filed a lawsuit in the U.S. District Court for the Northern District of Ohio, Eastern Division, against the company, asserting that the company breached its obligations under a guaranty of certain equipment loans pursuant to a Master Loan and Security Agreement, dated September 27, 2013, among certain members of the Bloom Lake Group and Key Equipment Finance Inc.. BNS is seeking an award of $52.6M plus unpaid accrued interest and expenses. Among other defenses to this litigation, the company is current in its payment obligations under the Equipment Loans.
08:24 EDTCLFJPMorgan pulls Cliffs target on 'relentless' iron ore price slide
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March 18, 2015
16:00 EDTCLFOptions Update; March 18, 2015
iPath S&P 500 VIX Short-Term Futures down 1.20 to 26.10. Option volume leaders: AAPL RAD PBR TWTR FB TSLA CLF BP MGM according to Track Data.
07:10 EDTCLFPlatts to hold a forum
11th Annual Steel Markets North America is being held in Chicago on March 17-18.

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