Seeking Alpha

Seeking Alpha Portfolio App for iPad

8,510 people get CLF articles and Market Currents by email alert.

Get email alerts on CLF »

CLF

Cliffs Natural Resources Inc.

6/20/2013, 7:08 AM ET

Quote & Headlines Market Currents StockTalk

All
| Earnings
| Dividends
| M&A
| On the move

Wednesday, June 19, 6:10 PM Cliffs Natural Resources (CLF) says it could scrap its Bloom Lake expansion project in Canada's iron-rich Labrador Trough region if iron ore prices fall back to $90/metric ton. The mine is seen by analysts as a key future growth driver, but "at $90, the project doesn't go, which is consensus right now," CEO Joseph Carrabba tells Reuters; at $110 or $120, roughly the current price, it's a go. 2 Comments [Commodities]
Wednesday, June 19, 8:13 AM Cliffs Natural Resources (CLF) -1.8% premarket after shares are downgraded to Underperform from Neutral with a $16 price target (from $24) at BAML, which notes CLF's high cost of iron ore and met coal production. The firm thinks CLF will struggle to compete with new Australia capacity but sees no reason for a liquidity panic. 1 Comment [Commodities, Quick Ideas, On the Move]
Tuesday, June 18, 10:41 AM Walter Energy (WLT +12%) finally turns around since dropping 12% after delaying plans to refinance existing debt, as Morgan Stanley steps in to say WLT's potential upside has finally grown too large to ignore. Other coal names (KOL +0.6%) also move higher, perhaps aided by Sterne Agee's slightly improved view for the sector:ACI +4.2%, CLF +3.2%, ANR +3%, BTU +1.3%. Comment! [Energy, On the Move]
Friday, June 14, 2:19 PM Coal stocks (KOL -2.8%) are sliding with the latest statistics from China showing steel production trends declined in late May. Another data point this week: U.S. coal shipments fell 31% M/M in April with high production costs and oversupply in Asia for met coal driving the decline. BTU -4.3%, ACI -6.4%, ANR -4.8%, CNX -2.8%, CLF -4.7%, YZC -4.8%. Trading halted in WLT, -17.3% (earlier). 9 Comments [Energy, On the Move]
Friday, June 14, 1:34 PM Walter Energy (WLT -12.8%) dives after Forbes reports the company withdrew a proposed $1.55B debt refinancing offer due to "market conditions." Other coal stocks are also off: BTU -4.5%. ACI -7.1%. CLF -3.5%. ANR -5.1%. OXF -3.1%. JRCC -3.3%. CLD -4.1%. 8 Comments [Energy, On the Move]
Friday, June 14, 12:45 PM Cliffs Natural Resources (CLF -1.5%) opened higher on news its supply contract with Essar Steel Algoma was extended to 2024, but shares have been sliding since. J.P. Morgan thinks Algoma is concerned with potential delays and/or cost escalations at its Minnesota project, and feared overcapacity in the Great Lakes iron ore market looks more like a shortage and is bullish for CLF. Comment! [Commodities, On the Move]
Friday, June 14, 9:42 AM Cliffs Natural Resources' (CLF +2.9%) deal with Essar Steel Algoma to extend its iron ore pellet sales contract plan through 2024 is a positive move, FBR Capital says, given it provides some certainty of volumes beyond 2016. With the contract extension, the firm believes the supply/demand dynamics improve for the Great Lakes beyond 2015 as it reduces potential surplus supply. Comment! [Commodities, On the Move]
Thursday, June 13, 6:06 PM Cliffs Natural Resources (CLF) says it will extend its iron ore pellet sales contract with Essar Steel Algoma to 2024; the previous agreement was expected to expire in 2016. The agreement includes Essar's minimum volume iron ore pellet purchases from CLF beyond 2016 and pricing for 2013 through 2024. 2 Comments [Commodities]
Thursday, June 13, 2:34 PM Rio Tinto (RIO +3.4%) shares are strong after the selling one of its U.S. mines and stating its intention to dump others. The sale wouldn't suffice to move the needle, but combined with other potential sales "raises the potential for capital management in early 2014," Citigroup says. J.P. Morgan says concern over iron ore prices is excessive. Other base metals miners are up: CLF +6.6%, BHP +1.8%, VALE +4.9%. Comment! [Commodities, On the Move]
Thursday, June 13, 2:21 PM Cliffs Natural Resources (CLF +6.4%) is surging, as Credit Suisse revises its earnings estimates for the next three years and lists potential strategic actions - including AsiaPacific iron ore disposal and a halt to Bloom Lake Phase 2 expansion - and balance sheet remedies the firm thinks could raise CLF's long-term normalized valuation by as much as $6-$19/share. 3 Comments [Commodities, On the Move]
Wednesday, June 12, 10:07 AM Cliffs Natural Resources (CLF +2.4%) puts its $3.3B Ring of Fire chromite project in Ontario on hold due to unresolved land rights and unfinished agreements with the provincial government. BMO says the suspension is a positive for CLF since it frees up ~$3.4B of cash flow to reduce debt - "very big news that it not yet on people's radar... this can squeeze quite a bit on this," a trader says. 8 Comments [Commodities, On the Move]
Wednesday, June 5, 11:13 AM Cliffs Natural Resources (CLF -3.4%) is among the S&P's worst performers, as global iron ore capacity is expected to increase faster than demand from China, continuing to weigh on prices, according to the head of Baosteel, China's third-biggest mill. Steel output growth has dropped to less than 5%/year from 20% between 2000-06. BHP -2.9%, RIO -1.8%, VALE -1.8%. (also) Comment! [Commodities, Global & FX, On the Move]
Wednesday, June 5, 10:59 AM Global thermal coal prices are unlikely to recover this year unless Australian coal producers lower production or an unexpected event rattles the seaborne market and sends prices north, industry experts at the Coaltrans Asia conference say. Coal (KOL -1%) names are weak in early trading: BTU -1.2%, CLF -3.1%, ACI -1.2%, ANR -1.8%, WLT -2%, BHP -2.5%, CNX -1%, CLD -1.9%. 2 Comments [Energy, On the Move]
Friday, May 31, 4:45 PM Iron ore prices suffered their worst week in more than a year, and Barclays believes the drop likely will continue as significant new capacity enters the market between now and the end of 2014 with softer demand growth magnifying the effects. No surprise that iron miners are hurting: VALE -4.6% today and -7.7% this week, CLF -3.6% today and -12.8% this week, RIO -4.1% and -2.9%, BHP -2.9% and -3.4%. 3 Comments [Commodities]
Wednesday, May 29, 3:58 PM Concerns about cyclicality spark an investor exodus from Cliffs Natural Resources (CLF -5.8%), whose performance is heavily influenced by macroeconomic changes. Today, the OECD cut its global growth forecast, BHP says it's not expanding its mining operations, and of course uncertainty lingers over how long the Fed will continue its stimulus measures. Comment! [Commodities, On the Move]
Thursday, May 23, 5:55 PM Serious overcapacity in China's steel industry is unlikely to ease in 2013, which could continue to hamper steel prices (SLX), analysts say at Platts Steel Market Europe conference. China is set to produce ~750M metric tons of crude steel in 2013 while capacity will rise to 950M, putting heavy pressure on steel prices in Europe and in the world steel industry as a whole. 7 Comments [Commodities, Global & FX]

1
2
3
4
5
6
...
14
Next Page