Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Nyse  >  Cliffs Natural Resources Inc    CLF

Delayed Quote. Delayed  - 09/23 10:03:51 pm
6.14 USD   -1.44%
08/30 Steel Stocks Pulling Back Following Yesterday's Rebound
08/27 CLIFFS NATURAL : and United Steelworkers reach tentative three-year..
08/26 CLIFFS NATURAL : and United Steelworkers finalize new labor agreeme..
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Cliffs Natural Resources Inc : Cliffs could halt Bloom Lake expansion if iron price falls

share with twitter share with LinkedIn share with facebook
share via e-mail
0
06/19/2013 | 11:04pm CEST

Cliffs Natural Resources Inc said on Wednesday that if iron ore prices fell further, it could scrap a key expansion at its Bloom Lake mine in Canada's iron-rich Labrador Trough region.

The company already delayed the expansion, which will double production capacity to 16 million metric tons a year, after benchmark iron ore <.IO62-CNI=SI> prices plunged from a peak of over $190 per metric ton in 2011 to below $90 in 2012.

The price has since recovered to around $120 per metric ton.

"At $90 the project doesn't go, which is consensus right now," Chief Executive Joseph Carrabba told Reuters. "At $110, $120, the project goes. And believe me, the line is that fine when it comes down to the criticality of that project."

Carrabba, speaking at the Steel Success Strategies conference in New York, added that the Cleveland-based company expects to make a final decision on the development this year, with construction set for 2014.

A further expansion targeted for 2016 could take production capacity up to 24 million metric tons a year.

Bloom Lake, acquired through Cliffs $4 billion takeover of Consolidated Thompson in 2011, is considered by analysts to be a key future growth driver.

The company bought its majority stake in the project with the intention of expanding capacity to fuel growing hunger for iron ore from China, which was booming on rapid urbanization.

But demand and prices have since fallen, prompting the late 2012 delay. Many top global mining companies have slowed their iron ore units on softening demand for the steelmaking material.

Shares of Cliffs were up slightly at $18.62 on Wednesday afternoon in New York. The stock has fallen more than 50 percent so far this year, dragged down by a writedown, volatile commodity prices and declining profit.

(Reporting by Allison Martell; Writing by Julie Gordon; Editing by Janet Guttsman and Sofina Mirza-Reid)

By Allison Martell

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on CLIFFS NATURAL RESOURCES I
09/09 CLIFFS NATURAL RESOURCES : Steelworkers Announce Tentative Agreement with Cliffs..
09/09 CLIFFS NATURAL RESOURCES : Reaches Tentative Agreement with United Steelworkers ..
08/30 Steel Stocks Pulling Back Following Yesterday's Rebound
08/27 CLIFFS NATURAL RESOURCES : and United Steelworkers reach tentative three-year la..
08/26 CLIFFS NATURAL RESOURCES : and United Steelworkers finalize new labor agreement
08/26 CLIFFS NATURAL RESOURCES : redeeming senior notes
08/25 CLIFFS NATURAL RESOURCES INC. : Calls for Full Redemption of Senior Notes due Ja..
08/25 CLIFFS NATURAL RESOURCES : Announces New Energy Agreement with WEC Energy Group ..
08/24 CLIFFS NATURAL RESOURCES : Steel Stocks Showing Notable Move To The Downside
08/19 CLIFFS NATURAL RESOURCES : Two natural gas power plants to replace Presque Isle ..
More news
Sector news : Steel - NEC
09/23 ANGLO AMERICAN : names new finance director
09/23DJAnglo American Appoints Fortescue's Stephen Pearce as CFO
09/23DJAnglo American Appoints Fortescue's Stephen Pearce as CFO
09/23DJU.S. Steelmakers Ready China Complaints -- WSJ
09/23DJFORTESCUE METALS : CFO to Resign; Ex-Rio Executive to Become Operations Head
More sector news : Steel - NEC
News from SeekingAlpha
09/21 Alcoa's Split Is Good - Cramer's Lightning Round (9/20/16)
09/20 Ignore The Fed, Avoid The News And Focus On Market Leadership
09/15 Iron ore at $50/ton in view ahead of additional low-cost supply
09/12 U.S. says Chinese stainless steel sheet, strip imports being dumped in U.S.
09/12 CLIFFS NATURAL RESOURCES : Not This Dip
Advertisement
Financials ($)
Sales 2016 2 043 M
EBIT 2016 264 M
Net income 2016 195 M
Debt 2016 2 112 M
Yield 2016 -
P/E ratio 2016 8,57
P/E ratio 2017
EV / Sales 2016 1,72x
EV / Sales 2017 1,77x
Capitalization 1 402 M
More Financials
Chart CLIFFS NATURAL RESOURCES I
Duration : Period :
Cliffs Natural Resources I Technical Analysis Chart | CLF | US18683K1016 | 4-Traders
Full-screen chart
Technical analysis trends CLIFFS NATURAL RE...
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 9
Average target price 6,33 $
Spread / Average Target 3,1%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
C. Lourenço Gonçalves Chairman, President & Chief Executive Officer
P. Kelly Tompkins Chief Financial Officer & Executive Vice President
Robert P. Fisher Independent Director
Joseph A. Rutkowski Independent Director
Gabriel Stoliar Independent Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
CLIFFS NATURAL RESOURC..288.61%1 402
VALE SA48.68%27 286
NIPPON STEEL & SUMITOM..-16.24%19 027
ARCELORMITTAL81.98%18 890
POSCO--.--%17 951
NUCOR CORPORATION21.12%15 539
More Results