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Wednesday, December 3, 2014

Cliffs Natural expects loss of $375 mln-$425 million on asset sale, (NYSE: CLF)

Cliffs Natural Resources Inc said it expects to record a pretax loss of $375 million to $425 million on the sale of its Logan County coal assets in West Virginia in the fourth quarter.The miner said on Wednesday it would sell the assets to Coronado Coal II LLC for $175 million in cash along with the assumption of certain liabilities.Cleveland, Ohio-based Cliffs said it will continue to explore sale options for other coal assets.Coal prices have halved over the last three years, while iron ore prices have declined more than 40 percent this year alone due to excess supplies and lower steel demand in China.

Cliffs Natural Resources Inc. is an international mining and natural resources company. Shares of CLF fell by 2.39% or $-0.2/share to $8.16. In the past year, the shares have traded as low as $7.00 and as high as $27.13. On average, 11859100 shares of CLF exchange hands on a given day and today's volume is recorded at 5796700.