Weak pricing and higher costs were a disastrous Q3 combo for Cliffs Natural Resources (CLF...

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

Weak pricing and higher costs were a disastrous Q3 combo for Cliffs Natural Resources (CLF -9.4%): Cash costs in CLF’s Canadian division rose 21% Y/Y to $106.06/ton, while the price of seaborne iron ore fell 36% to an average $112/metric ton vs. $176. CLF says key Q4 goals include continued expansion of the Bloom Lake mine and maintaining the dividend through this business cycle.