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Stock Market & Financial Investment News

News Breaks
June 25, 2014
09:44 EDTCLFCliffs Natural to temporarily idle operations at Pinnacle mine
Cliffs Natural Resources disclosed earlier in a regulatory filing that on June 25 the company issued a Worker Adjustment and Retraining Notification Act notice to all employees of Pinnacle Mining Company, a wholly-owned subsidiary of the company, the United Mine Workers of America and state and local government agencies, that it intends to temporarily idle its operations at the Pinnacle mine as a result of current poor market conditions for metallurgical coal. The notice begins the 60-day notice period that must be given prior to temporarily idling operations under the WARN Act. If market conditions do not improve, it is expected that the idling of the Pinnacle mine could last more than six months beginning on or about August 25.
News For CLF From The Last 14 Days
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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.

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