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Cleveland-Cliffs +8% after mixed Q4, reaffirms 2018 production guidance

|By:, SA News Editor

Cleveland-Cliffs (NYSE:CLF+8.2% premarket after reporting mixed Q4 results while improving its cash position and reaffirming 2018 production guidance.

CLF says Q4 U.S. iron ore pellet sales volume totaled 5.4M long tons, a 22% Y/Y decrease, and Asia Pacific iron ore sales volume was 2M metric tons, 30% lower than the prior-year quarter.

Cash at the end of Q4 was $1B vs. $323M at the end of the prior-year quarter; including the impact of the transactions related to the ownership of Tilden, Empire, and Nashwauk, CLF's net debt at the end of Q4 was $1.3B vs. $1.8B at the end of Q4 2016.

CLF continues to expect FY 2018 sales and production volumes of ~20M long tons from its U.S. iron ore business, compared to 18.7M long tons of sales and 18.8M long tons of production in 2017.

CLF also says it will accelerate the projected time frame for the planned closure of mining operations in Australia, which will "more than likely occur in 2018."

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