New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
May 27, 2014
16:38 EDTCLFCliffs Natural reduces FY14 CapEx by additional $100M
Cliffs Natural announced that it is further reducing its expected FY14 capital spending range by approximately 25%, or $100M, to $275M-$325M. This significant reduction is in addition to the company's previously announced capital spending decrease of approximately 55%, or $460M, from Cliffs' FY13 capital expenditures. The $100M decrease will impact all of Cliffs' reporting segments, with Eastern Canadian Iron Ore and North American Coal making up 75% of the reduction. The company indicated that the lower full-year capital spending range of $275M-$325M is a sustainable level to support Cliffs' full-year production volume and cash cost expectations as well as safety and environmental obligations. The capital spending reduction is driven by the recent volatility in seaborne iron ore and metallurgical coal pricing. Cliffs indicated that it expects the pricing environment to remain volatile over the near term, which will directly impact the realized revenue in the majority of the company's business segments.
News For CLF From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
July 7, 2015
11:11 EDTCLFIron ore bear market deepens as prices fall below $50 a ton, Bloomberg says
The bear market in iron ore is deepening as cheaper supplies from Australia and Brazil threaten to expand, says Bloomberg. Iron ore prices have dropped to below $50 a ton and have dropped more than 20% from June highs, added Bloomberg. Companies exposed to the iron ore market include Cliffs Natural (CLF), BHP Billiton (BHP) and Vale (VALE). Iron ore prices are also impacting the steel sector including U.S. Steel (X), Nucor (NUE), AK Steel (AKS) and Steel Dynamics (STLD). Reference Link
July 6, 2015
12:09 EDTCLFIron ore slumps as China stockpiles recover, Bloomberg says
Subscribe for More Information
June 30, 2015
14:34 EDTCLFIron ore producers slide after Australia cuts price target on the commodity
Shares of iron ore producers are falling after Reuters reported that Australia reduced its 2015 price forecast for iron ore to $54.40 a tonne from $60.40 a tonne. According to Reuters, Australia's current projection on iron ore prices is based on its view that China, the commodity's main market, will produce less steel in 2015 and 2016 as as the seaborne supply of iron ore increases. PRICE ACTION: Cliffs Natural Resources (CLF) is down over 10%, BHP Billiton (BHP) is lower by 2.3%, and Vale (VALE) is down 4% in afternoon trading. Steel stocks, including United States Steel (X), AK Steel Holding (AKS), and Nuco (NUE) are also sliding in afternoon trading.

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use