Cliffs Natural Resources Inc. (CLF) - NYSE
  • Tue, Jul. 12, 3:58 PM
    • Cliffs Natural Resources (CLF +9.1%) soars to a new 52-week high before pulling back a bit, after J.P. Morgan maintains its Overweight rating on the stock and raises its price target to a Street-high $10.50 from $7.
    • The recent bankruptcy of Essar Steel Minnesota has further solidified CLF's "defensible business model," according to JPM analyst Michael Gambardella, who also sees a likely positive catalyst from near-term earnings beats amid higher steel pricing.
    • CLF's short interest, at 43% of outstanding float, is "extremely high despite the wave of positive developments," Gambardella also says.
    • CLF shares have more than quadrupled since closing 2015 at $1.58.
    | Tue, Jul. 12, 3:58 PM | 10 Comments
  • Tue, Jul. 12, 9:24 AM
    | Tue, Jul. 12, 9:24 AM
  • Tue, Jun. 28, 11:31 AM
    • Morgan Stanley raises its iron ore outlook for this year and next, saying the top suppliers in Australia are managing the addition of new supply and steel demand in China will remain supported.
    • The firm ups its overall 2016 forecast by 17% to $46/metric ton and its 2017 outlook by 13% to $42, according to its quarterly forecasts, although its revised call of $35/ton for the final three months of this year indicates its view that prices are still expected to drop below last year’s trough.
    • Stanley says it is possible that the two biggest miners in Australia, BHP Billiton (BHP +2.5%) and Rio Tinto (RIO +2.5%), are “adjusting” the addition of new supply to accommodate weaker market conditions.
    • Also: VALE +5.9%, CLF +4.5%.
    | Tue, Jun. 28, 11:31 AM | 4 Comments
  • Tue, Jun. 28, 9:18 AM
    | Tue, Jun. 28, 9:18 AM
  • Thu, Jun. 16, 7:37 AM
    • Cliffs Natural Resources (NYSE:CLF) -5.1% premarket after filing for a $300M common stock offering, saying it plans to use the proceeds for general corporate purposes and to pay down debt.
    • CLF has climbed 201% YTD for the strongest rally among all iron ore miners and its borrowing costs have fallen to the lowest in nearly two years.
    • CLF's’ bonds have returned 86% YTD, the best performance among more than 300 notes issued by mining and metal companies globally, after losing 36% a year ago, according to Bloomberg.
    | Thu, Jun. 16, 7:37 AM | 1 Comment
  • Wed, Jun. 15, 3:25 PM
    • Steel companies are surging after Nucor (NUE +2.1%) released better than expected guidance and Bank of America upgraded U.S. Steel (X +8.4%) to Neutral from Underperform with an $18 price target, raised from $10, citing more stable earnings and higher steel prices.
    • Nucor's upbeat commentary follows Steel Dynamics' (STLD +3.1%) upside Q2 guidance issued earlier this week, citing improved metals spread and shipments, and both of which follow May's U.S. Commerce Department ruling that it is imposing a 266% tariff on Chinese cold-rolled steel imports.
    • BofA now forecasts $673M in 2016 EBITDA for U.S. Steel vs. consensus forecasts of $424M, based on the higher prices.
    • The firm also praises U.S. Steel's ability to push out its debt maturities, although leverage remains steep with total debt at ~5x projected EBITDA.
    • Also: AKS +8.3%, CLF +3.7%, MT +4.1%.
    | Wed, Jun. 15, 3:25 PM | 8 Comments
  • Thu, Jun. 9, 12:48 PM
    • Cliffs Natural Resources (CLF -6.2%) says it will restart operations at its United Taconite division in August, two months earlier than expected.
    • CLF credits the earlier start to recently contracted business with new client U.S. Steel Canada to supply the majority of their iron ore pellet requirements for Q3 and Q4.
    • The order prompts CLF to raise its 2016 sales volume guidance to 18M long tons from an earlier outlook for 17.5M long tons and to lift Its production forecast by 500K tons to 16.5M tons.
    • CLF had idled its United Taconite and Northshore Mining operations in Minnesota late last year, citing high levels of steel imports which hurt demand for its iron ore pellets.
    | Thu, Jun. 9, 12:48 PM | 1 Comment
  • Mon, Jun. 6, 11:58 AM
    • Steel stocks (SLX +2.1%) are higher as U.S. Treasury Secretary Lew blames China for flooding low-cost steel into the U.S. and other markets.
    • Lew is urging China to cut excess steel production, as the two countries open high-level talks overshadowed by tension over the South China Sea.
    • "The Chinese government is... engaged in economic warfare against the U.S. and sadly, they are winning,” Nucor (NUE +0.3%) CEO John Ferriola says in a WSJ interview, adding that China two months ago set a new production record after spending two years promising to cut production.
    • Steel producers are mostly higher: X +2.9%, MT +2.1%, CLF +2.8%, AKS -1%, STLD +0.3%, RS +0.4%.
    | Mon, Jun. 6, 11:58 AM | 17 Comments
  • Tue, May 31, 12:50 PM
    | Tue, May 31, 12:50 PM
  • Tue, May 31, 10:17 AM
    • Cliffs Natural Resources (CLF +38.4%) rockets higher following an upgrade from J.P. Morgan and signing a commercial agreement with ArcelorMittal.
    • JPM had upgraded shares to Overweight from Neutral with a $7 price target, saying that rising steel sheet prices should aid earnings for the remaining quarters of 2016 and that steel pellet contracts with MT likely will be renewed favorably; as if on cue, CLF then announced a 10-year pellet supply agreement with MT.
    • CLF says the new supply deal replaces two existing contracts that expire in December 2016 and 2017, raises the minimum tonnage of pellets to a higher level than previous agreements, and preserves the company's position as sole iron ore pellet supplier of MT's Indiana Harbor West and Cleveland Works steelmaking facilities, while maintaining the current level of pellet supply to MT's Indiana Harbor East facility.
    • "The new agreement also removes any remaining uncertainty about Cliffs," Chairman and CEO Lourenco Goncalves says.
    • Now read Cliffs Natural still viewed negatively at Axiom on "coming deluge of iron ore" (from May 27)
    | Tue, May 31, 10:17 AM | 45 Comments
  • Tue, May 31, 9:17 AM
    • Cliffs Natural Resources (NYSE:CLF) +29.8% premarket after J.P. Morgan upgrades shares to Overweight from Neutral with a $7 price target, as the firm expects rising steel prices to generate much higher near-term earnings growth.
    • JPM's Michael Gambardella says he is confident that CLF's steel pellet supply contracts with ArcelorMittal - CLF's largest customer - that are expiring near the end of this year will be renewed favorably.
    • The analyst notes that CLF management's guidance still assumes a hot rolled coil steel price of $450/metric ton vs. the current spot price of ~$610.
    | Tue, May 31, 9:17 AM | 32 Comments
  • Tue, May 31, 9:15 AM
    | Tue, May 31, 9:15 AM | 2 Comments
  • Thu, May 26, 9:18 AM
    | Thu, May 26, 9:18 AM | 1 Comment
  • Thu, May 26, 8:19 AM
    • U.S. steel companies surge in premarket trading after the U.S. announced heavy anti-dumping and anti-subsidy duties on corrosion-resistant steel from China, in the latest U.S. clampdown on a glut of steel imports.
    • The Commerce Department issued duties of as much as 450% on Chinese producers of corrosion-resistant steel, as well as duties of 3%-92% on producers from Italy, India, South Korea and Taiwan.
    • The final U.S. anti-dumping duties on the Chinese products replace preliminary duties of 256% issued in December.
    • Last week the Commerce Department issued punitive tariffs of more than 500% on Chinese cold-rolled flat steel.
    • AKS +7%, X +5.6%, CLF +4.8%, NUE +2.3%, STLD +1.6% premarket.
    | Thu, May 26, 8:19 AM | 8 Comments
  • Tue, May 24, 11:47 AM
    • Cliffs Natural Resources (CLF +1.8%) is higher on news of a 15-year purchase power arrangement for its Northshore operation with Allete's (ALE +1.3%) Minnesota Power division, in which CLF will receive $31M.
    • CLF says the agreements, which are pending potential regulatory approval of the sale of utility assets, include certain non-core operations, transmission assets at United Taconite, certain land options at United Taconite and Northhsore Mining, and transportation rights along CLF's Erie rail assets.
    • CLF says it also extended its regulated power schedule with Minnesota Power for 10 years at its United Taconite and Babbitt facilities.
    | Tue, May 24, 11:47 AM | 24 Comments
  • Mon, May 23, 12:47 PM
    • It's too soon to be bullish on metals and mining stocks, Axiom Capital's Gordon Johnson says, as he thinks the Fed’s hawkish commentary last week will trigger another leg down for many global metals, mining and mining equipment stocks.
    • Johnson sees the most pressure on the group coming from China, where he predicts significant further devaluation of the yuan and a softening in property prices in coming months; Johnson says April’s numbers were mostly positive on a Y/Y and M/M basis but that they were more mixed than in previous months.
    • Axiom maintains Sell ratings on Caterpillar (CAT +1.1%), Joy Global (JOY +1.3%), US Steel (X +5%), Cliffs Natural Resources (CLF +6.3%), Rio Tinto (RIO -0.1%), United Rentals (URI -0.1%), GATX (GMT +0.9%) and Trinity Industries (TRN +0.3%).
    | Mon, May 23, 12:47 PM | 18 Comments
Company Description
Cliffs Natural Resources, Inc. operates as an international mining and natural resources company, which is engaged in the exploration and production of iron ore and high and low volatile metallurgical coal. It is organized through a global commercial group responsible for sales and delivery of... More
Industry: Industrial Metals & Minerals
Country: United States