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Wednesday, July 23, 2014

Miner Cliffs reports loss on weaker commodity prices, volumes, (NYSE: CLF)

Cliffs Natural Resources Inc, facing off against an activist fund that wants to replace its chief executive, reported a bigger-than-expected quarterly loss on Wednesday because of weak commodity prices and a decline in sales volumes.The Cleveland-based iron ore and metallurgical coal producer slightly lowered its forecast for full-year sales and production volume for U.S. iron ore to 22 million tons because of icy winter weather, which hampered shipments. The new forecast is at the lower end of a previous forecast of 22 million to 23 million tons.However, it slightly raised its outlook for iron ore sales and production volumes in Eastern Canada and Asia.The company also trimmed its coal sales and production volume forecast to 7 million tons from between 7 million and 8 million tons because of the potential idling of its Pinnacle mine in West Virginia.

Cliffs Natural Resources Inc. is an international mining and natural resources company. Shares of CLF traded higher by 2.18% or $0.33/share to $15.48. In the past year, the shares have traded as low as $13.60 and as high as $28.98. On average, 5069170 shares of CLF exchange hands on a given day and today's volume is recorded at 5492196.