Navigate this market better. Subscribe for FREE stock alerts and information.

Friday, February 15, 2013

Cliffs share offers priced to raise up to $1 bln, (NYSE: CLF)

Cliffs Natural Resources Inc, a U.S.-based coal and iron ore miner grappling with low commodities pricing and escalating costs, could raise up to $1 billion through two separate equity offers announced earlier this week and priced late on Thursday.Shares of Cliffs plunged 18 percent on Wednesday, a day after the company announced the share offering and slashed its dividend. It also revealed quarterly loss after a writedown in the value of a Canadian acquisition, higher costs and lower iron ore prices.Shares were down 0.58 percent at $29.31 shortly after market open on Friday on the New York Stock Exchange.The Cleveland-based miner said on Friday it planned to sell some 9 million common shares at $29 each, lower than its Thursday closing price of $29.48. If the offer is fully exercised, Cliffs could sell up to 10.35 million shares, for total proceeds of $300 million.

Cliffs Natural Resources Inc. is an international mining and natural resources company. Shares of CLF fell by 0.27% or $-0.08/share to $29.40. In the past year, the shares have traded as low as $28.05 and as high as $73.63. On average, 8051320 shares of CLF exchange hands on a given day and today's volume is recorded at 5596757.