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Wednesday, November 19, 2014

Cliffs Natural CEO says mulling creditor protection in Canada, (NYSE: CLF)

U.S.-based Cliffs Natural Resources may seek creditor protection in Canada to insulate itself from closure costs and liabilities at its Canadian operations, its chief executive said on Wednesday.Lourenco Goncalves, who took the helm at Cliffs in August, told Reuters a filing in Canada to protect it from liabilities related to its Canadian operations is "absolutely" on the table.The move would mirror the route taken by U.S. Steel, which sought creditor protection for its money-losing Canadian operations two months ago.Earlier on Wednesday, Cliffs said it might have to close its Bloom Lake iron ore mine in Quebec at a cost of up to $700 million as it struggles to find funds to expand the project as a way to make it more financially viable.

Cliffs Natural Resources Inc. is an international mining and natural resources company. Shares of CLF fell by 19.98% or $-2.04/share to $8.17. In the past year, the shares have traded as low as $7.00 and as high as $28.12. On average, 11088400 shares of CLF exchange hands on a given day and today's volume is recorded at 29473268.