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Cliffs Natural Resources (CLF) says it will idle its Wabush Pointe Noire plant in Quebec by the...

Cliffs Natural Resources (CLF) says it will idle its Wabush Pointe Noire plant in Quebec by the end of Q2 to reduce costs as iron ore prices remain weak. VLF says the idling will push down cash costs to $95-$100/ton in its eastern Canada iron ore business from its prior $100-$105 forecast, while it backs its full-year sales and production volume forecast of 9M-10M tons from the business.
Comments (4)
  • markethost
    , contributor
    Comments (62) | Send Message
     
    ore weak? Over $150 ton weak? Weak compared to $190 a ton. LOL Chinese wont pay that again those days are gone. So where does that leave Cliffs? If they cant make it on $150 then.... This company need new management or new owners. Profit went out the back door and shareholders were suckered into a dividend then butchered. Crooks. Nothing but crooks.
    12 Mar 2013, 09:08 AM Reply Like
  • Thomas Azzara
    , contributor
    Comments (458) | Send Message
     
    Agree, but I wouldn't call them "crooks". "Natural born losers" maybe - for overpaying by $1B (last Q write-down - now in the books) from their Consolidated Thompson acquisition.
    12 Mar 2013, 10:53 AM Reply Like
  • Estephenfarrell
    , contributor
    Comments (2) | Send Message
     
    Makes me sick!
    12 Mar 2013, 04:23 PM Reply Like
  • markethost
    , contributor
    Comments (62) | Send Message
     
    Bonnie and Clyde runs Cliffs. Talk about taking shareholders to the cleaners! Didnt take themselves they got out! LOL . Then set up the shareholders! Worse most crooked run company you could have bought.
    12 Mar 2013, 06:50 PM Reply Like
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