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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
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March 2, 2015
09:23 EDTCLFBofA/Merrill U.S. metals/mining analysts hold analyst/industry conference call
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February 23, 2015
07:40 EDTCLFBMO Capital to hold a conference
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February 18, 2015
07:17 EDTCLFCliffs Natural finalizes energy agreement with We Energies in U.P. of Michigan
Cliffs Natural (CLF) has finalized an interim power agreement with Wisconsin Energy's (WEC) utility energy segment We Energies for its Michigan operations. The company stated that this is "one key step in a series of contemplated short and long-term agreements that are essential to the viability of its iron ore mines in the Upper Peninsula".

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