- Cliffs Natural Resources (NYSE:CLF) -4.2% premarket after saying it will take a ~$6B charge in Q3 to write down the value of its seaborne iron ore and coal assets.
- CLF says the move was driven by its revised outlook for long-term pricing trends and adverse market conditions for seaborne iron ore and metallurgical coal, which will bring the book value of the assets closer to their current market value.
- CLF says the non-cash accounting charge will not impact its cash flows from operations or any future operations.