Cliffs Natural (CLF) Slumps as Goldman Gets Tough (GGB) (TX) (MT)

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Goldman Sachs Downgrades Cliffs Natural Resources (CLF) to Sell, Sees 29% Downside

November 20, 2012 6:52 AM EST

Goldman Sachs downgraded Cliffs Natural Resources (NYSE: CLF) from Neutral to Sell with a price target of $25.00 (from $33.00).

The firm comments, "We downgrade Cliffs to Sell with 29% downside to our new 6-month target price of $25. The announcement to delay its Bloom Lake... More

Cliffs Natural (CLF) to Idle Two U.S. Iron Ore Plays, Bloom Lake in Quebec; Updates FY13 Prod. Outlook

November 19, 2012 9:20 AM EST

Cliffs Natural Resources Inc. (NYSE: CLF) announced a decision to delay portions of its Bloom Lake Mine Phase II expansion in Quebec and idle a portion of its production at two of its U.S. iron ore operations, Northshore Mining in Minnesota and Empire Mine in Michigan. The Company is adjusting its 2013 operating plans for its North American iron ore businesses to align with expected sales volumes. These production decreases are driven by increased iron ore pricing volatility and lower North American steelmaking utilization rates.

Eastern Canadian Iron OreAt Bloom Lake Mine in... More