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Cliffs Natural Resources to cut 2014 capex by more than half

Feb. 11, 2014 5:35 PM ETCleveland-Cliffs Inc. (CLF) StockCLFBy: Carl Surran, SA News Editor2 Comments
  • Cliffs Natural Resources (NYSE:CLF) says it plans to chop capital spending in 2014 by more than 50% to $375M-$425M from $862M for FY 2013, as it cuts back its Bloom Lake Mine expansion in Quebec and idles production at its Wabush Mine in eastern Canada.
  • CLF expects to produce and sell 5.5M-6.5M tons from Bloom Lake's first phase in 2014, in line with FY 2013 results.
  • With Wabush Mine costs unsustainably high, including Q4 2013 cash costs of $143/ton, CLF says it is not economically viable to continue running the operation.
  • CLF -0.7% AH.

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