Cliffs cuts planned 2014 capex by an additional $100M

|About: Cliffs Natural Resources Inc. (CLF)|By:, SA News Editor

Cliffs Natural Resources (CLF) says it is further reducing its expected FY 2014 capital spending by ~25% to $275M-$325M, driven by the recent volatility in seaborne iron ore and metallurgical coal pricing.

CLF says the $100M decrease will impact all reporting segments, with Eastern Canadian Iron Ore and North American Coal making up 75% of the reduction.

The latest reduction is in addition to its previously announced $460M (55%) capital spending decrease from its 2013 capex.