Rochester, NY 7/14/2009 4:19:06 AM
End of Day Report - CLF - Extension of Joint Venture Annouced by Cliffs Natural Resources - Sourced WhisperFromWallStreet.com
Cliffs Natural Resources Inc.
Cliffs Natural Resources Inc., CLF
Cliffs Natural Resources Inc announced that the owners of the Hibbing Taconite joint venture (ArcelorMittal holding 62.3%, Cliffs Natural Resources holding 23%, and U.S. Steel Canada holding 14.7%) in Minnesota have made the decision to extend the plant's current shutdown status through the first quarter of 2010 as a result of continuing soft demand for iron ore pellets. The facility was originally shut down in May 2009, following an idling of two of Hibbing's three pelletizing furnaces in March 2009. The initial shutdown had been expected to last 15 weeks.
ABOUT
Cliffs Natural Resources Inc. produces iron ore pellets and supplies metallurgical coal to the steelmaking industry primarily in North America. It operates six iron ore mines in Michigan, Minnesota, and Eastern Canada; and two coking coal mines in West Virginia and Alabama. The company also owns Portman Limited, an iron ore mining company in Australia. In addition, it has a 30% interest in the Amapa Project, a Brazilian iron ore project; and a 45% economic interest in the Sonoma Project, an Australian coking and thermal coal project. The company was formerly known as Cleveland-Cliffs Inc and changed its name to Cliffs Natural Resources Inc. in October, 2008. Cliffs Natural Resources was founded in 1847 and is headquartered in Cleveland, Ohio.
Last Trade: 21.34
Day's Range: 19.91 - 21.38
52wk Range: 11.80 - 116.14
Volume: 3,566,517
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