Seeking Alpha

Cliffs cuts planned 2014 capex by an additional $100M

  • 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.
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Comments (5)
  • Gordoon
    , contributor
    Comments (25) | Send Message
     
    Wow does that mean another $1-2 drop in sp
    27 May 2014, 04:48 PM Reply Like
  • dreamin
    , contributor
    Comments (94) | Send Message
     
    Well, if anyone wanted to know if the new management team was reacting quickly to events, you have your answer.
    27 May 2014, 05:03 PM Reply Like
  • Reaster
    , contributor
    Comments (86) | Send Message
     
    Day late and about 1 billion dollars short..this should have been happening about 3 years ago
    27 May 2014, 05:36 PM Reply Like
  • mjb0909
    , contributor
    Comments (181) | Send Message
     
    Yeah it should have happened the day OBAMA was elected ! It didn't take a brain surgeon to know that this stock would be a real big DOG as soon as that happened(from $120 to $20 in one year). He warned everyone not to be in that business because he will put you out of business. Well I guess he kept his word! Don't think that the new management can do anything for this company to survive---the only chance will be for some other company to buy them at a "fire sale".
    27 May 2014, 07:03 PM Reply Like
  • chunghk
    , contributor
    Comments (339) | Send Message
     
    CLF-Neutral news. Definitely not stimulus. Stock price constant. Stagnant & dormant @ range $16-$22. No further advancement this year as half gone. Day traders enjoy fluctuation. Small investors wait miracle. God bless "bagged" victims @$23-$32, $38-45 and beyond. Thanks.
    27 May 2014, 08:47 PM Reply Like
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