Cliffs Natural Resources Inc, which is fighting an activist investor who wants to split up the company and replace its chief executive, said on Tuesday it will cut 2014 capital spending by $100 million, or 25 percent, as it deals with weak seaborne iron ore and metallurgical coal prices.The U.S.-based iron ore and coal producer said capital expenditures this year will now be between $275 million and $325 million as it focuses on financial discipline at a time of volatile prices.Cliffs said it expects seaborne iron ore and metallurgical coal prices to remain weak in the near term, which will reduce revenue in most of the company's business segments."The long-term supply contracts in U.S. iron ore, Cliffs' largest and most profitable business segment, will significantly mitigate the impact of lower seaborne iron ore prices on consolidated revenues," the company said in a statement.
Cliffs Natural Resources Inc. is an international mining and natural resources company. Shares of CLF traded higher by 0.18% or $0.03/share to $16.37. In the past year, the shares have traded as low as $15.41 and as high as $28.98. On average, 6034070 shares of CLF exchange hands on a given day and today's volume is recorded at 2181024.
Source
