Last $6.42 USD
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cliffs natural resources inc (CLF) Snapshot

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52 Week High
02/14/14 - $23.53
52 Week Low
12/17/14 - $5.63
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cliffs natural resources inc (CLF) Details

Cliffs Natural Resources Inc., a mining and natural resources company, produces iron ore and metallurgical coal. It operates five iron ore mines located in Michigan and Minnesota; four metallurgical coal mines located in West Virginia and Alabama; and one thermal coal mine located in West Virginia. The company also operates two iron ore mines in eastern Canada that primarily produce iron ore concentrate and iron ore pellets; Koolyanobbing complex situated in northeast of the town of Southern Cross, which produces lump and fines iron ore; and three North American coal mining complexes. In addition, it owns and operates various exploration projects, such as the Chromite Project located in James Bay lowlands of northern Ontario; the Decar Property situated in British Columbia; and the Labrador Trough South property located in Fermont, Québec. The company sells its iron products to integrated steel companies and Asian steel producers; and metallurgical coal to integrated steel and coke producers in Europe, North America, China, India, and South America, as well as thermal coal to energy companies and distributors in North America and Europe. The company, formerly known as Cleveland-Cliffs Inc., was founded in 1847 and is headquartered in Cleveland, Ohio.

7,138 Employees
Last Reported Date: 02/14/14
Founded in 1847

cliffs natural resources inc (CLF) Top Compensated Officers

Chief Financial Officer, Executive Vice Presi...
Total Annual Compensation: $415.0K
Executive Vice President of Business Developm...
Total Annual Compensation: $484.1K
Compensation as of Fiscal Year 2013.

cliffs natural resources inc (CLF) Key Developments

Cliffs Natural Resources Inc. Announces Amendment to its Restated Multicurrency Credit Agreement

On January 22, 2015, Cliffs Natural Resources Inc. entered into Amendment No. 6 to the Amended and Restated Multicurrency Credit Agreement, dated as of August 11, 2011, among the Company, the subsidiaries of the Company from time to time party thereto, the lenders from time to time party thereto and Bank of America, N.A., as Administrative Agent. The Amendment, among other matters: (i) reduces the size of the existing facility on a pro-rata basis from $1.125 billion to $900 million and provides that on May 31, 2015 the existing facility will further reduce on a pro-rata basis to $750 million; (ii) permits certain subsidiaries and joint ventures of the Company related to the Company's Canadian operations to enter into a restructuring; (iii) permits costs and expenses incurred in connection with the Canadian Restructuring in an amount not to exceed $75 million to be added back to the calculation of EBITDA; (iv) adds limitations with respect to investments in the Canadian Entities after the Canadian Restructuring; (v) adds limitations on the guaranty of indebtedness of a Canadian Entity by the Company or its subsidiaries; (vi) permits additional liens on the assets of the Canadian Entities; (vii) reduces the permitted amount of quarterly dividends on common shares of the Company to not more than $0.01 per share in any fiscal quarter; (viii) grants a security interest in as-extracted collateral of the Company and certain of its subsidiaries; and (ix) excludes certain indebtedness and obligations of the Canadian Entities from the representations, covenants and events of default.

Update On Bloom Lake Iron Ore Mine Sale

Cliffs Natural Resources Inc. (NYSE:CLF) sought creditor protection in Canada for its Bloom Lake iron ore mine, potentially cutting the cost of closing it down. Cliffs has been looking at options to sell Bloom Lake for several months.

Cliffs Natural Resources Inc. Decides to Eliminate the Quarterly Dividend

Cliffs Natural Resources Inc. announced that the board of directors has decided to eliminate the quarterly dividend of $0.15 per share on the company's common shares. The decision is applicable to the first quarter of 2015 and all subsequent quarters.


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