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Stock Market & Financial Investment News

News Breaks
July 23, 2014
16:39 EDTCLFCliffs Natural reports Q2 EPS (1c), consensus (6c)
Reports Q2 revenue $1.1B, consensus $1.17B. Says lower revenues compared to prior year's second quarter were primarily driven by significantly decreased market pricing for iron ore and metallurgical coal, as well as a 24% decrease in sales volume from the company's U. S. Iron Ore operations. CEO Gary Halverson said, "We continue to take prudent and decisive actions to optimize the business in the face of continued commodity pricing pressures, which have created a challenging business climate for Cliffs and our industry. During the quarter, our team cut costs across the board and significantly reduced our capital expenditures, while enhancing our liquidity by successfully amending our revolving credit facility. We remain focused on controlling what we can control in a volatile environment, and are confident we have the right strategy to operate and extract value from our assets."
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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